According to the Maadiran Public Relations Department, the annual general meeting of Maadiran Group was held on October 11, 2024, with the presence of 78.37% of shareholders. During this meeting, the audited financial statements for the quarter ending June 20, 2024, were reviewed and approved by the shareholders. Additionally, during an extraordinary meeting, the company’s name was officially changed from “Maadiran Industries” to “Maadiran Group.”

Acceptable Performance Amid Challenges and Preparing for an Uncertain Future

Amir Masoud Amiri, Chairman of the Board of Directors of Maadiran Group, reviewed the company’s performance in the first half of the year and the outlook for the second half during the general assembly. He acknowledged the challenging economic and political conditions of the first six months and reported acceptable performance by the company.

Amiri referred to significant political events, including the ongoing attacks by the Zionist regime on Gaza and Lebanon, the attack on Iran’s consulate, the martyrdom of the President, elections, the formation of a new government, and various assassinations, identifying these as major challenges during this period. Despite these challenges, Maadiran Group managed to achieve approximately 40% of its forecasted sales program.

The Chairman highlighted the completion of new refrigerator and washing machine platforms, which resulted in the company’s complete product portfolio for the first time in three years. He also announced the listing of Electromad’s stock symbol and plans for the initial public offering (IPO) of the electronics company in the second half of the year. Maadiran Green Energy Company will also begin investments in solar energy and the production of car chargers in the second half.

Regarding the outlook for the second half, Amiri emphasized existing uncertainties in both international and domestic arenas. He stated that Maadiran Group has planned for various scenarios, including continuation of the current situation, improvement, or deterioration of conditions. He assured stakeholders that in case of current conditions persisting, the company would operate strongly; if conditions improve, productivity will increase, and if the situation worsens, the company will focus on liquidity management and conservative operations. This includes limiting installment sales, slowing production rates, adjusting foreign orders, and ensuring the continuous supply of goods and services.

Amiri, highlighting the company’s strong balance sheet, low debts, and solid liquidity among subsidiaries, expressed Maadiran Group’s readiness to face any scenario and reaffirmed initial forecasts for the year. He concluded by expressing hope that, with God’s help and government support, Maadiran Group would meet its commitments to shareholders.

40% of the Budget Achieved in the First Half

Ali Karami, CEO of Maadiran, presented a report on the company’s performance in the first half and future plans during the general shareholders’ meeting. He noted the country’s economic challenges and electricity outages but reported acceptable performance for the first half of the year, achieving approximately 40% of the forecasted budget. Referring to the seasonal nature of home appliance sales, he expressed hope that the annual budget would be met, given the typical market boom in the second half of the year.

Karami also highlighted the company’s investment in solar power plants, stating: “Considering the predicted electricity shortages next year, and in line with supporting the country and reducing risks, the board has approved investment in solar power plants.” He announced progress on the Zahedan solar power plant project, noting that the land has been delivered, infrastructure prepared, and panel orders placed, with the plant expected to become operational in March or April.

The CEO also reported the launch of a smaller solar power plant at Maadiran Home Appliances in Payam Industrial Park, describing the project as a step toward complying with Article 16 of the Production Leap Law and gaining experience in this new industry. He further mentioned negotiations for investment in another one-megawatt solar power plant at Payam Industrial Park.

In conclusion, Karami referred to the company’s investments in electric vehicle chargers, stating that initial investments have been made, the company has been registered, and preliminary contracts signed. He announced that further details would be published on CODAL upon finalization of agreements.