Speaking in the holding’s annual general assembly, Jafar Rabiei said: “The Persian Gulf Holding Group’s operational income increased by 71 percent, consolidated operating profit increased by 164 percent, net profit rose 148 percent and earnings per share increased by 146 percent [during the mentioned period].”

According to the official, PGPIC subsidiaries currently account for 12.3 percent of Iran’s capital market, Shana reported.

PGPIC is currently ranked 37th among the world’s top 100 petrochemical companies in terms of value and sales, and it is the region’s second-biggest holding after Saudi Arabia’s Saudi Basic Industries Corporation, known as SABIC, Rabiei said.

He put the total production capacity of the holding at 27.6 million tons and expressed hope that with the completion of the company’s new projects the figure will reach more than 50 million tons by the Iranian calendar year 1406 (begins in March 2027).

The official further pointed out that PGPIC produced 19.6 million tons of products in the previous Iranian calendar year, which was the highest production record in the history of the company.

“Of this amount, 15.2 million tons were cumulative sales, of which about 920 trillion rials (about $21.9 billion) were domestic sales and 590 trillion rials (about $14 billion) were exports,” he specified.

As Iran’s largest petrochemical group which extends to 39 subsidiaries and foreign-based sales agents, PGPIC has been considered one of the most profitable entities in the country’s economic body.

In June 2019, the United States hit PGPIC with economic sanctions due to what they claimed to be tied with the country’s Revolutionary Guards (IRGC), however, the move, in fact, was aimed to choke off financing to the country’s largest and most profitable petrochemical group.

The PGPIC group holds 40 percent of Iran’s total petrochemical production capacity and is responsible for nearly 50 percent of the country’s petrochemical exports.

After the imposition of the U.S. sanctions, many thought the impact of the sanctions to be very significant on the performance of the holding and consequently on the country’s economy, however contrary to expectations, PGPIC is continuing to thrive, and according to Rabiei its production and exports haven’t been affected greatly by the U.S. sanctions.

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According to the National Petrochemical Company (NPC), the company was ranked 38th in the world in the 2018 ICIS listing. The improvement comes despite the re-imposition of US unilateral sanctions on Iran.

In a statement, PGPIC CEO Jafar Rabiei congratulated his personnel on this remarkable achievement, emphasizing that US sanctions had no effect on the development of the sector.

The ICIS Top 100 Chemical Companies is a ranking of the world’s largest chemical producers by sales. The listing includes both public and private companies, as well as additional metrics on operating profit, net income, capital expenditures, R&D spending, as well as total assets and the number of employees.

PGPIC is the largest company listed in Tehran Stock Exchange and is the second largest petrochemical company in the Middle East.

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He was reacting to the recently imposed sanctions by the United States on the group.

“At a time like this, we need to keep our composure and take steps on the previously predicted path. One should not overhype the situation in the other side’s favor,” he added.

On Friday, the United States imposed new sanctions on Iran that target the country’s petrochemical industry, including its largest petrochemical holding group, the Persian Gulf Petrochemical Industries Company (PGPIC).

The US Treasury also designated the holding group’s network of 39 subsidiary petrochemical companies and foreign-based sales agents.

The sanctions come amid heightened tension between Tehran and Washington, following the US unilateral pullout from the Iran nuclear deal, re-imposition of sanctions, and deployment of extra troops to the Persian Gulf region.

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