CEO Statement

Last fiscal year, was an outstanding year for Tappico. Once again our people delivered strong results in a challenging environment. We made significant advances in our major projects, exceeded our goals for production growth, raise our capital and develop our business to enhance competitive performance and maintained our long-term leadership in total stockholder return.

Today TAPPICO as a stronger, leaner and more agile enterprise has emerged from the changes that have reshaped the world’s energy landscape. Today, we stand ready to win in any business environment.

Tamin Petroleum and Petrochemical Investment Co. (TAPPICO) is one of the biggest holding companies in Iran’s capital market, playing a strategic role in the country’s oil, gas, refinery, petrochemical, cellulose and tire industries.

In the fiscal year to May 2019, my colleagues in the company did all their best to improve indexes related to the quality and quantity of production, trade, sales and consequently raised the value of the company’s shares in the capital market.

With the board of directors highlighting transparency in corporate performance, we tried to put transparency atop the list of the most important factors in assessing our performance. As a result, our transparency ranking among companies active on the capital market improved.

According to the Iranian Securities and Exchange Organization, TAPPICO has ranked sixth among the 50 companies active in the capital market in the year to May 2019. A 15-notch improvement in our standing was a major achievement of the holding company in the 12-month period.

In the 12 months to May 2019, the efforts of TAPPICO executives and my colleagues at the financial department paid off and TAPPICO posted one of the biggest capital increases on the market (from 485 Million USD to 907 Million USD).

Besides, thanks to the cooperation of TAPPICO board of directors, the overall costs of the company were down by over 54 Million USD billion tomans after settling a large part of its debts.

In the last fiscal year, TAPPICO secured the top spot among multidisciplinary holding companies. Among the top 100 Iranian firms, TAPPICO’s overall ranking improved by three notches and finished in 20th spot when it came to sales, 11th when it came to profitability and 10th when it came to exports.

We will forge ahead with our efforts to develop our stocks both qualitatively and quantitatively. We hope to build on the support of each and every single shareholder of TAPPICO to take more giant steps toward additional success at a faster pace.

I would like to seize this opportunity to thank all my seasoned colleagues at TAPPICO for their tireless efforts as well as the board members of TAPPICO and Social Security Investment Co. for their all-out support for our march toward excellence.