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EghtesadOnline: Net income of listed companies in Iran’s capital market increased by almost 140% in the previous fiscal year that ended in March compared to the year earlier.

Financial statements of the companies show they generated more than 2,060 trillion rials ($8.9 billion) in net income, 1,200 trillion rials ($5.2b) higher compared to 857 trillion rials ($3.7b) the year before, the Securities and Exchange News Agency (SENA) reported. 

Out of the total of 355 companies SENA examined the financial records of 318 companies that released their financial statements by May 21. 

Data suggest of 39 the stock categories, 33 reported rise in net income. The remaining six reported loss including companies in the hospitality industry (hotel and restaurants) and communication equipment producers.  

In addition, telecom and textiles companies as well as industrial contractors showed lower profits. Automakers and spare part manufacturers reported 8.48 trillion rials ($36 million) in income – up by a massive 3,002% compared to 273 billion the year before. The auto and spare part group include 19 listed companies.  

Real estate and mass construction firms ranked second making 1.32 trillion rials ($5.7 million) -- 709% higher comparedto 164 billion the year earlier. 

Petroleum companies were among the top three groups that showed the highest growth in net annual profit. Their net income was 190 trillion rials ($826m), which was 188% higher compared to the year ago.  

Mineral, base metal and petrochemical companies made the highest income thanks to the surge in commodity prices in international markets and rising foreign exchange rates.

Petrochemical companies made close 540 trillion rials ($2.3b) in net annual profit, up 143% compared to 222 trillion rials ($965m) in the year earlier. 

Thea base metal group reported 520 trillion rials ($2.2b) in income, 156% higher than the 203 trillion rials ($880m) last year.  

With 12 companies, the mineral sector made 324 trillion rials ($1.4b) in net profit. Insurance industry and pension funds also grew generating 101.8 trillion rials in net income. 

Pharmaceutical and cement companies reported 45 trillion rials and 27 trillion rials in net income, respectively, SENA said without providing details. 

Despite the positives, prices of most stocks have plunged in the past 10 months and government efforts to revive investors’ trust to the bourse have not produced the desired results. Millions of retail traders have been hit hard by the selloff and reportedly lost 70% of their savings after the bubble burst last year.  

On the back of the flood of liquidity from neophyte investors, TEDPIX, the main index of Tehran Stock Exchange, crossed an all-time high of 2.1 million points last August, recording an unprecedented 300% growth in less than five months.

With investors in unusually big numbers fleeing the market, the TEDPIX has lost more than half its value to one million points. 

 

 

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