NITC reports $510 million as net profit

The managing director of the state-owned National Iranian Tanker Company (NITC) has told the Iranian press that the company made a $510 million (Dh1.87 billion) profit in the last Iranian financial year, while revenues stood at $1.5bn for the same period.

"In 2008, NITC transferred 103 million tonnes of petroleum products abroad," Mohammad Suri told the Iranian Moj News Agency.

The official also told the agency that the majority of the company's revenue came from Europe with 51 per cent, while 26 per cent came from Asia, 15 per cent Africa and the remaining eight per cent coming from other countries spread around the world.

NITC is a subsidiary of the Iranian National Oil company.

 

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.