Banks, Petrochems Dominate List of Iran’s Largest Companies

EghtesadOnline: Iran’s Industrial Management Institute released on Sunday the list of 500 largest Iranian companies, according to which, banks generated the highest revenues as petrochemical companies earned the highest net profit during the fiscal year that ended on March 20, 2017.

News ID: ۷۸۱۸۵۷

24 February 2018

The main list gauges top 500 Iranian firms based on their generated revenues during the period, based on which banks and credit institutions generated 30% of total revenues during the previous fiscal year, IMI's website showed.

Firms active in petrochemical and oil sectors accounted respectively for 12% and 10% of total revenues generated by major Iranian firms.

Privatized lender Bank Mellat with 284 trillion rials ($7.5 billion) topped IMI100’s main ranking for 2017, according to Financial Tribune.

Last year, Bank Melli Iran stood on top of the list. BMI's earnings amounted to 360 trillion rials ($9.46 billion) during the one-year period. Bank Mellat raked in 240 trillion rials ($6.27 billion) and was ranked the third-largest firm in the country.

Persian Gulf Petrochemical Company Holding came next with 265 trillion rials ($7 billion) in revenues. Iran Khodro Group ranked third with 252.4 trillion rials ($6.67 billion).

The agriculture sector recorded the lowest revenues last year.

Banks were also the leading sector in terms of total assets, accounting for 56% of total owned assets. The IMI100 list of top 10 firms with the highest volume of assets includes names of nine banks.

However, studying Iranian firms’ net profit indicates that the petrochemical industry is still Iran’s most profitable sector. The sector accounted for 27% of total profits earned by top 500 Iranian firms during the period. Companies active in oil products sector and telecommunications firms came next with 12% and 10% share, respectively.

PGPC’ revenues amounted to 68.5 trillion rials ($1.8 billion). Telecommunications Company of Iran and Mobile Telecommunications Company of Iran came next with a total profit of 35.9 trillion rials ($949 million) and 34.9 trillion rials ($923 million), respectively.

Petrochemical firms also accounted for 47% of total exports during the last Iranian year. Oil products and metals came next with 16% and 15% share respectively from the total exports of top 500 firms.

Lenders also accounted for 17.9% of total employees, slightly higher than auto companies’ 17.7%. This is while Iran Khodro Group and SAIPA, Iran's largest carmakers, had the highest number of employees–55,700 and 39,200 respectively.

Bank Mellat with 28,800 people, Telecommunications Company of Iran with 23,000 and Mobarakeh Steel Company with 22,300 staff members came next on the list of Iran’s largest employers.