The Islamic Revolution Mostazafan Foundation earned 43% more in the first quarter of the current fiscal year (March 21-June 21) compared with the corresponding period of last year, its deputy head for economic affairs said.
Mohammad Atabak added that the foundation exported $294 million worth of goods in Q1, registering an 18% year-on-year growth, noting that the figure accounted for 25% of the foundation’s total income during the period.
This means Mostazafan’s revenues during the period was more than $1.17 billion.
“The share of ‘mineral industries’ in Q1 revenue was 33%, followed by ‘electricity, energy and industrial lubricants’ with 23%, ’food, agriculture and animal husbandry' with 22%, ‘construction’ with 6% and ‘tourism and transportation’ with 3%,” Atabak was quoted as saying by IRNA.
The highest growth in the Q1 revenue belonged to the "tourism and transportation" sector with 80%, he added.
It was followed by “food, agriculture and animal husbandry” with 59%, “electricity, energy and industrial lubricants” with 49%, “construction” with 33% and "mining" with 32%.
The official noted that 42 countries from four continents, namely Asia, Europe, Africa and Oceania, were the export destinations of 45 types of goods produced by the foundation.
Atabak said the production of goods and services of the foundation’s economic sector grew by 5.9% in spring.
“More than 1.1 million tons of steel products, 4.1 million tons of cement and clinker, 3.6 million square meters of ceramic tiles, 130 million liters of industrial lubricants, 6,700 tons of tires, 4.9 million megawatt hours of electricity, 148,000 tons of cow milk, 60,000 tons of garden, agricultural and greenhouse products, 250 million liters of beverages and 44,000 tons of dairy products were produced during the period,” he said.
“We provided services to 207 million ton-kilometers of rail cargo transportation, 900,000 tons of port services in the oil sector and 279,000 TEUs of container port services.”
According to the official, the foundation’s investments stood at 11 trillion rials ($34 million) in Q1.
Locally known as Bonyad Mostazafan (Foundation of the Oppressed), the organization was founded in 1979 upon the decree of the late leader of the Islamic Revolution, Ayatollah Rouhollah Khomeini, as a charitable entity with the mission to eradicate poverty.
Mostazafan grew over the years to become one of the biggest conglomerates in Iran with a vast reach in many economic sectors, including shipping, tourism, transportation, farming and horticulture, hotels, commercial services, construction of dams and towers, production of tiles, chemicals, tires, food, metals, petrochemicals, construction materials, textile and glass products.
As of 2018, the foundation had 11 holdings, 160 affiliated companies and 40,000 employees.
Dozens of its subsidiary companies were merged, ceded or dissolved to streamline the organization in recent years.
Mohammad Saeedikia, a former head of the foundation, has been quoted as saying that Mostazafan accounts for 1.5% of Iran’s gross domestic product.
