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MSC net profits register 230% growth in nine months


Mobarakeh Steel Company (MSC) has managed to fulfill 90 percent of its stated income-related objectives by producing and selling more than five million tons of hot- and cold-rolled as well as coated steel products (worth over 11 trillion tomans). It has earned 3.68 trillion tomans in net profits (491 rials for each share).
MSC’s Chief Economic and Financial Officer Amir-Hossein Naderi said the steel giant’s net profits grew by 230 percent in the first nine months of the current Iranian year (March 21 – December 21, 2017). He said MSC sold different types of hot-rolled products (3.799 million tons), cold-rolled steel products (1.106 million tons) and coated products (221,000 tons) in this period, adding its revenues in the nine-month period (11 trillion tomans) have posted a 53 percent increase over corresponding period last year.  
He thanked all staff members for the role they played in the company’s recent achievement and said a number of factors should be credited for the 53 percent growth, namely: the launch of expansion projects such as Casting Machine No. 5; inauguration of Sangan pelletizing plant; expansion projects at Saba Steel Complex; efforts to cut costs in line with cost-effective production of goods; a rise in global prices of steel products in the year to March 20, 2018; and measures to curtail financial costs by converting high-interest loans to low-interest ones.
Meanwhile, head of the Stocks Office at MSC Morteza Shabani said thanks to the volume of transactions and the value of MSC shares on Tehran Stock Exchange, MSC has been one of the most influential listed companies when it comes to the fluctuations of stock exchange indexes. “Mobarakeh Steel Company has constantly increased its profitability and invested in various projects and in profitable companies listed on the stock exchange, thus has brought about substantial dividends for its shareholders. Cash dividends of up to 100 rials for each share and the rise in the share prices this year mean the company’s efficiency in the current Iranian year has hit an unprecedented rate of 128 percent.”
As for the new changes to the way companies present their [budget] reports on the stock exchange, he said based on a new decision by the Securities and Exchange Organization, “Companies will not release annual and quarterly reports on their budget. Instead, their management needs to present an analytical report which is an analysis of interim financial statements. These reports shed light on different aspects of the company’s performance, including, the company’s macro strategy; risks and challenges it is facing; markets the company’s products are shipped to; investment projects and their finances; the company’s policies on the investment structure and sources of financing; and dividend splitting policies.”           
He went on say that under the new approach by the Securities and Exchange Organization, projections of Earnings Per Share (EPS) which used to be released at the start of the year are replaced by a report – on the SEO website – which shows the materialization of corporate objectives over the past 12 months. “For instance, MSC’s latest EPS report which is posted on the SEO website includes the profits the company has earned in the first nine months of this year and the last quarter of last year [ended March 20, 2017].”  


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