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Profitability up by staggering 334 percent at Hormozgan Steel Company


The annual general assembly of Hormozgan Steel Company convened in Hormoz Hotel in the southern port city of Bandar Abbas on July 3. At the event, Managing Director of Hormozgan Steel Company Farzad Arzani presented a status report on behalf of the steelmaker's board of directors.
He said in the 12 months to March 20, 2019, sales of slabs on the local market rose by 58 percent, pushing revenues up by 35.5 percent. “Wholehearted contribution by members of the staff along with support by stockholders, including MSC, together with a clear mutual understanding of the strategic measures in line with stated goals made that achievement possible.”
Formation of transformation committees inside the company is one such strategic measure, he said, adding such measures have resulted in a decline in the consumption of electrode and refractory materials. In the same 12 months, the average volume of slabs produced out of analytical range stood at 0.55 percent which is considerable.
The managing director said the capital of the company has increased in stages to 1.5 trillion tomans. “Last year, the operating profits of the company amounted to 1.867 trillion tomans of which 1.643 trillion tomans was net profit. That means the profitability of Hormozgan Steel Company in the 12-month period was up 334 percent.”
He said his company seeks to increase annual sub-ceiling production from 1.5 million to 2 million tons, adding as one of the best steelmakers, Hormozgan Steel Company accounts for 8 percent of all raw steel produced in the country. “Currently, we stand fourth in the national rankings and hope to improve our status when our expansion projects have been completed.”
Arzani listed the following as achievements of the company in the yearlong period: winning a statuette for being behind the top innovative product in the country, getting the pioneering prize among the country 's top 100 companies, getting the two-star accolade of the national organizational excellence award, securing a national certificate for supporting consumers for a second year in a row, winning the top provincial exporter award for a fourth year in a row, and winning a medal for supporting national production.
At the suggestion of Hormozgan Steel Company’s board of directors, the assembly decided to dedicate 10 percent of last year's net profits to dividends (110 rials per share). In the new board lineup, Feleztadarok Company replaced Tooka Steel Investment Company. 
And Donyay-e Eghtesad and SAMT dailies were picked to run the company's ads and announcements. 
 



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