Economy, Business And Markets

Banks Steal the Limelight on Biggest Firms Rankings

Industrial Management Institute announced the list of 500 largest Iranian companies at a ceremony on Monday.
Industrial Management Institute announced the list of 500 largest Iranian companies at a ceremony on Monday.

Industrial Management Institute has released the list of 500 largest Iranian firms, gauging them on the basis of their generated revenues during the fiscal year that ended on March 19, 2016.

According to the rankings, the banking industry was Iran’s largest business sector in the previous year, accounting for 34% of the total sales.

Banks hold 14 spots in the top 30 largest companies in Iran with Bank Melli Iran standing at No. 1. BMI's earnings amounted to 360 trillion rials ($9.46 billion) during the one-year period. Bank Mellat raked in 240 trillion rials ($6.27 billion), being ranked as the third-largest firm in the country. 

The privately-owned Parsian Bank ranked 6th, making 195 trillion rials ($5.05 billion). Tejarat Bank was the 7th on the list, with its revenues standing at 184 trillion rials ($4.77 billion). Bank Pasargad Iran came in 12th, pocketing 137 trillion rials ($3.55 billion) in revenues. Mehr-e-Eghtesad Bank took the 13th spot, with its revenues standing at 127 trillion rials ($3.29 billion).

Ghavamin Bank —affiliated with the Police Department— and Refah Bank ranked 15th and 16th, respectively. 

Ayandeh Bank, Bank Keshavarzi, Ansar Bank, Saman Bank, Shahr Bank and EN Bank were the other banks with substantial revenues during the fiscal year ending in March. 

Other Large Players

Overall, petrochemical companies and oil product companies trail the banks on the list of the largest companies. Persian Gulf Petrochemical Industries Company holds the distinguished 2nd spot, with earnings standing at 250 trillion rials ($).

PGPIC was number one on last year's rankings as BMI was Iran's third largest company in the fiscal year ending March 2015.

Bank Melli, the commercial bank owned by the government, is also the top Iranian firm in terms of total assets. Mellat and Tejarat come next in this category. The banking sector accounted for 60% of total assets owned by Iran's 500 top firms, according to IMI, making banks the richest entities of the country. 

BMI has also created the highest number of jobs during the period. Banking sector accounted for 26% of the total job creation during the previous fiscal year. 

 BMI is the largest commercial bank in Iran and the Middle East with over 3,300 domestic branches and 43,000 employees. Since 1933, BMI has grown into a large retail bank with several domestic and international branches. Currently, Bank Melli Iran has 18 international branches and services in 11 countries.

Two certified credit institutions also managed to make the list of the top 100 largest firms. Kowsar Credit Institution came in 46th and the newly-licensed Melal (formerly Askarieh) ranked 65th. 

The privatized Asia Insurance is named as Iran's largest insurance company, with its revenues standing at 26.7 trillion rials ($692.7 million) during the previous fiscal year. Asia came in 52nd in total rankings.

Alborz Insurance with 19.6 trillion rials ($508.5 million) and Parsian Insurance with 16 trillion rials ($415.1 million) in revenues were the second- and third-largest insurance firms in Iran.

Asan Pardakht Persian was the only payment service provider among 100 largest firms, with its total sales amounting to 22 trillion rials ($570.8 million) during the said period. The company came in 58th in the rankings. 

Informatics Services Corporation, affiliated with the Central Bank of Iran, managed to considerably improve its ranking, moving from 101st last year to 91st this year. ISC is Iran's top company in terms of return on sales ratio —at 55% in the previous year.

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