Tehran- An extraordinary general meeting (EGM) of Iran Glass Wool Company was held in the southcentral city of Shiraz on Wednesday, May 31.

Over 65 percent of shareholders of the company attended the meeting for the financial year to March 20, 2023 either in person or online, the company’s public relations reported.

In addition to shareholders of Iran Glass Wool Company, which is a subsidiary of Sadr Tamin Investment Company (known by stock ticker symbol TASSICO) and by Social Security Investment Company, representatives of Securities and Exchange Company and other shareholders of the company took part in the gathering.   

Jahangir Bagheri, managing director of Iran Glass Wool Company, briefed participants on the activities and performance of the company in the last Iranian year to March 20 and the plans in the current year.  

He explained about a project to renovate the factory of Iran Glass Wool Company in Special Economic Zone (SEZ) at a cost of 2,680bn rials, which had had a progress of about 47 percent.

Bagheri said that his company ranked first among the top subsidiaries of TASSICO, terming it the best achievement gained by Iran Wool Glass Company last year thanks to the efforts by all the staff of the company.

He said that the company sold 3,240 tons of glass wool, worth 1,143,350m rials, in Iran Mercantile Exchange last year to contribute to the cohesive and legalized market, facilitate cash transactions, cut out middlemen in trading and directly deal with customers, reduce disruptive market fluctuations and add transparency in the sale of products.   

Bagheri stressed that increase in exports was one of the top priorities in macro policies of the company, which was earned through employing a group of sale experts and finding new markets for the products. “We have managed to set a record in exports last year,” he said.

The other figures in the financial report included;

The sale of the company rose by 106 percent to 4,939,854m rials.

The gross income rose by 160 percent to 1,651,569m rials.

The operating profit increased by 202 percent to 1,343,209m rials.

The net income increased by 236 percent to 1,306,686m rials. The EGM directors congratulated the board of directors, managing director, employees at the end of the gathering for having such a successful year and wished them having more achievements in this year.