Kish Investment & Development Co.'s Profit Amounts to 1000 Billion Rials

Kish Island, July 1, 2020- After achieving the optimal return and profitability for Kish Investment and Development Company, the managers presented a detailed explanation of how to share the company's 1000 billion rial profit at the Annual General Meeting.

According to the Public Relations and International Affairs Department of Kish Free Zone Organization, the Annual General Meeting of Kish Investment and Development Company was held on June 13, 2020, on Kish Island. The meeting chaired by Dr. Gholam Hossein Mozaffari, the Chairman and CEO of Kish Free Zone Organization and supervised by KFZO Board members, Nasser Akhoundi and Mostafa Khanzadi was attended by all the shareholders and board members of Kish Investment and Development Company, and also the representative of the General Audit Organization of Iran.

During the meeting, after Saeed Nazari, the CEO of Kish Investment and Development Company, presented the financial statements and balance sheet, as well as a report on Kish Investment and Development Company's performance for the fiscal year ending on 19/03/2020 and the company's plans for the current Persian year (1399), the following items were approved, and the members approved the distribution of the 1000 billion rial profit of the company.

Nazari pointed out that Kish Investment and Development Holding is considered as an investment and financing arm of Kish Free Zone Organization and stated: Based on KFZO opportunities and activities, as well as the specific structure and conditions of Kish Investment and Development Company, the holding will have five subgroups, each will be fully specialized in managing, investing, and developing in each area.

He outlined transparency, honesty, and supporting the capable investors as some of the macro policies announced by Dr. Mozaffari, the CEO of Kish Free Zone Organization, and added: "To achieve this goal, all land and property transfers belonging to Kish Investment and Development Company, and Kish Free Zone Organization were conducted through 18 rounds of public auctions."

In his speech, he also outlined creating an opportunity for investors to use the capacities of the beautiful island of Kish, updating the feasibility studies of 37 investment projects, conducting economic and financial feasibility studies of 9 new investment opportunities, and preparing a book on Kish Island investment opportunities in 2019 in Persian and English as other activities of the company.

In the end, Saeed Nazari reviewed a series of the company's accomplishments during the past year and stated that the company's net profit has increased by 254% compared to last year, indicating its increase by 148% compared to the approved budget of the organization, and the operational planning to increase profitability and revenue for the next year have been included on the company's agenda.

PR & Int'l Affairs Department- KFZO