In an unprecedented move, Bank Melli Iran (BMI) succeeded in enumerating the largest initial public offering in the history of Iranian Over-The-Counter (OTC) market by transferring part of its shares in the Sugarcane Development and Related Industries Company.

After the successful sale of Shazand Petrochemical Company entitled “Largest Exit from Corporate Ownership in Iran’s Banking Industry”, Bank Melli Iran, in the latest series of divestitures aimed at exiting corporate ownership and generating assets, made the largest initial public offering in Over-The-Counter (OTC)’s history in order to both sweeten the taste of shareholders due to the value of this company and use its proceeds to develop the path of providing facilities to the country's strategic projects. Most importantly, Bank Melli Iran managed to make the bank's assets transparent, the Pubic Relations Department of the bank reported.

What we need to know about Sugarcane Development and Related Industries Company

Given high volume of the investment it has made, Sugarcane Development and Related Industries Company currently produces over 40 percent of the country's sugar and is considered as the largest sugar-producing holding company in the country.

Based on the performance of 2023, this company has achieved a net profit of 3.17 thousand billion tomans.

According to the performance ending in December 2024, the company has managed to earn 23 trillion tomans in revenue with a profit growth of 122%, equivalent to 7.03 percent of net profit.

Continued growth of the company's profit margin since 2023 is one of the positive and important points of Sugarcane Development and Related Industries Company. The company's profit margin has increased from 24 percent to 31 percent in 2024, and according to the prediction of the Board of Directors, the company’s profit margin will reach 34 percent in the performance of the company in the next Iranian calendar year (to start March 21, 2025).

Based on the outlined outlook, the profit of Sugarcane Development and Related Industries Company in the fiscal year ending December 22, 2025 will reach over 10.5 thousand billion tomans.

Sugarcane Development and Related Industries Co. breaks records

1, 318,123 trading codes participated in the initial public offering of sugarcane, which took place on Monday. The "sugarcane" was discovered at a price of 4,353 Tomans, and its market value exceeded 50 thousand billion tomans.