The 6-month performance and budget review meeting of Tappico Oil and Gas Investment Holding (Tappico) was held with the presence of Dr. Aref Norouzi, CEO and senior managers of Social Security Investment Company (Shasta), Dr. Babak Afghahi, CEO and vice-presidents of Tappico Holding and directors of subsidiaries.
According to Tappico Public Relations, in this meeting, Dr. Babak Afghahi, the CEO of Tappico Holding, presented a report on the performance of the first six months of the 1402 financial year of the holding.
Dr. Afghahi, explaining the budget of Oil and Gas Investment and Petrochemical Holding’s subsidiary companies, based on the performance of the first 6 months and the forecast of the second 6 months in the current financial year, from the increase of Tappico’s capital from 8150 to 10150 billion tomans this year as one of the Important measures to improve its performance were mentioned. Afghahi stated that the market value of Tappico, based on the composition of the portfolio, is more than 173 thousand billion tomans and the net value of its assets is 307 thousand billion tomans.
According to the report of the CEO of Tappico regarding the realization of the important indicators of the holding’s financial statements compared to the approved budget, the realization of the dividend income of the holding in the first 6 months of the current financial year is 91%, the profit from the sale of investments is 330%, the operating income is 101% and the net profit is 98%. It is a percentage that shows the favorable condition of these indicators.
According to Dr. Afghahi, according to the targeted program in the budget of Tappico Holding, the net profit of the company in the financial year ending on 02/31/1403 will reach 40 thousand billion tomans, which is a growth of 41% or 12 thousand billion tomans compared to the net profit of the financial year. It shows leading to 02/31/1402.
Dr. Afghahi also explained the plans of Tappico from the planning to increase the capital of Tappico from the existing claims, the plan to form a rubber holding in line with the policy of reforming the portfolio, the transfer of the shares of Sadr Taftin Holding in the Shasta group or the sub-categories of the Ministry of Welfare in line with the investment in the value chain of Tappico Holding. and increasing the authority level of Tappico Holding regarding project approval and capital increase of subsidiaries as well as facilitating the issuance of permits for large investment projects.
The future program and approaches of Tappico Holding was another part of Dr. Afghahi’s speech, which included export jump by increasing export capacity, removing export barriers and developing new markets, achieving production growth by increasing new capacities through development projects, obtaining the company’s approval. National Refining and Broadcasting to replace the collateral and provide the possibility of initial offering of the company’s shares in the stock market, using the capacity of Tappico in collecting social security claims from the government in the form of entering the upstream oil and gas field and developing gas fields in Asaluyeh region, reforming the portfolio through Exiting from loss-making industries and using all available capacities to receive shares of valuable companies is in the form of debt cancellation of the government to the social security organization.
Dr. Afghahi added: Currently, 21 creation, development, renovation and improvement projects are being implemented in Tappico companies, the value of which is more than 60 thousand billion Tomans. According to Dr. Afghahi, this year 23 projects with a total investment of 2.2 billion dollars in It is currently under review and the acquisition process, among the most important of which are the VCM project with a capacity of 200,000 tons of Ghadir Petrochemical Company, the synthetic ethanol project of Farabi Petrochemical Company, the steel cord development phase project, the upstream steel cord project of Nehbandan, the joint venture in the downstream of methylamine. And Abadan Petrochemical Acronitrile Project – Maron Petrochemical can be mentioned.
In this meeting, while praising the performance of Tappico and its subsidiaries, Dr. Norouzi, the CEO of Shasta, referring to the change in the management of Tappico in October, called the presence of Dr. Afghahi promising to increase the profitability of this holding company.
The CEO of Shasta also emphasized on organizing recruitment, assigning assignments for legal projects, presenting reports on the progress of projects and investments, generating stagnant assets of companies, collecting expensive headquarters of companies in Tehran and following up on the tasks of the holding’s general assembly.