The annual ordinary general meeting of IRANOL Co. for the fiscal year ending on March 20, 2019 was held by recording an unprecedented year for IRANOL since its establishment with the growth of most of the indexes with the presence of 91% of the shareholders on Tuesday, June 18th, at Talash Hall of the Ministry of Labor
The Public Relations and Advertisement Dept. of IRANOL Co. reported that IRANOL Co. was able experience one of its best meetings during the past few years and assure the satisfaction of its shareholders by developing its marketing and sales process, developing its products and infrastructures according to market and customer demands, promoting and improving organizational optimization, a strategy to focus on leading the market and completing its projects and developing its infrastructures in proportion to its demands such as utilizing Imam Khomeini Port Export Terminal with 25 thousand ton reservoirs and multiple other projects.
During the meeting Mr. Isa Eshaghi, Managing Director of IRANOL Co. presented a performance report (along with diagrams) for his 6 years of tenure in the company and answered the questions of the shareholders which was appreciated by the audience. He said: The past year was our best year at IRANOL and the sale of various IRANOL engine oil products increased from 150 million liters in 2017 to approximately 170 million liters and our sales in IRR increased from 13 thousand billion IRR to approximately 21 thousand billion IRR and our market share increased from 27% to more than 30%.
Eshaghi added: We are moving forward based on an 8-year strategy planned for IRANOL and fortunately during my 6 years of tenure in IRANOL we were able to break our records in production, sales, exportation, exportation of engine oil, decreasing raw product sales, market share and profit.
He said: IRANOL, in order to increase its quality and complete its product portfolio, during the past year which was titled the year for supporting Iranian products, introduced four new products to the market with the highest quality according to global standards.
He recognized the introduction of 3 new products of Euro diesel, 2 types of anti-freeze and a new gearbox oil and the 10% increase of the sale of various engine oils according to company strategy as some of the most important plans of the company for the current year.
The managing director of IRANOL listed the following as some of the most importation measures taken during the past few years: the 10-step growth of IRANOL Co. amongst the top 100 best companies from rank 97 to 87 and sale of various engine oil products from 110 million liters in 2015 to 170 million liters in 2018, increase of IRANOL market share from 19% in 2014 to more than 30% in 2018, development and renovation of BREEAM and production of Alvand engine oil after 36 years, launching of Abadan cooling tower, independence of the gas and electricity of Tehran and Abadan refineries, fundamental repairs of Abadan refinery after 20 years, settling and clearing four filters for the low-oil wax production project after 3 years and installing them for the decrease of slack wax oil and increasing the production of base oil, launching the warehouses of Javadal Aemeh, Samen Alameh 1, 2 and 3 and decreasing current expenses such as warehouse space rent and preventing raw sale and determining the fate and delivering the anti-insect production factory.
The meeting which was held with Mr. Khalegh presiding and supervised by Messrs. Fasihi and Tavakkoli, in addition to approving the financial statements in consideration of the performance report of the managing director with the a recording breaking highest amount of sale with the growth of market share in the history of IRANOL and also the growth of operation profit equal to 40% compared to 2017, sales equal to 62% and increase of 53% of net profit compared to the previous year from 2121 billion IRR in 2017 to 3246 billion IRR in 2018 which was resulted from the increase of domestic sale equal to 63% and decrease of sales, administrative and general costs at 4$, led to the realization of the EPS of each share equal to 1623 IRR and it was agreed that from the total 3246 billion IRR of realized profit (1623 IRR per share), a sum of 2900 billion IRR at 1450 IRR per share equal to 90% of the realized profit to be divided between the shareholders.
17 June 2019 Print
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