According to the Public Relations Department of Bank Shahr, Ali Bigzadeh announced that Shahr Financial Group’s budget was set at 1,300 billion IRR, and the group successfully exceeded this target by achieving an additional 420 billion IRR in profit. He highlighted that one of the significant accomplishments of Shahr Financial Group last year was the repayment of 3 trillion IRR in receivables to Bank Shahr, which prevented the recognition of financial costs for the company, thereby improving its balance sheet.
Bigzadeh noted that with the realization of a 1,720 billion IRR profit, Shahr Financial Group enjoys a favorable Price-to-Earnings (P/E) ratio in the capital market. He further emphasized that the group has avoided significant changes to its stock market portfolio, preserving approximately 1,000 billion IRR in surplus value within the portfolio.
The CEO of Shahr Financial Group underscored that listing subsidiaries on the stock exchange remains a key priority. Last year, Shahr Atieh Urban Development and Management Company was accepted and listed on the Farabourse, and the group aims to offer this company under the ticker symbol “SShahr” in the capital market during the first half of the current year. This development is positive news for shareholders, with an estimated value generation of 400 to 500 billion IRR for the group under current market conditions.
He added that efforts are ongoing to list other subsidiaries, including negotiations with other shareholders of Tamadon Investment Bank to facilitate its entry into the stock market.
In conclusion, Bigzadeh stated that the company is pursuing initiatives to diversify revenue streams and establish new income lines by providing services to municipalities and earning related fees. Further details will be communicated to shareholders upon the finalization of relevant contracts.
News source:
https://www.shomanews.com/tiny/1113613
