Annual General Meeting of the National Retirement Fund Investment Group, known as Saba Energy Holding, was held for the fiscal year ending March 19, 2026. In this meeting, shareholders, representatives of the National Retirement Fund, board members, the CEO, the auditor, and the legal inspector were present.
Review of Financial Statements and Increased Financial Risk
The review of the financial statements of the National Retirement Fund Investment Group for the fiscal year ending March 19, 2026, shows that despite profitability growth in the main company, the consolidated financial statements of this holding contain signs of increased financial risk. This review was conducted by Petrochemical News.
Increase in Debts and Decrease in Shareholders' Equity
According to the consolidated financial statements, the group's total debts increased from about 53.9 trillion tomans at the end of 2024 to over 110 trillion tomans at the end of 2025. This indicates that a significant portion of the group's asset growth has been financed by increasing debts. Simultaneously, the consolidated shareholders' equity decreased from about 24.2 trillion tomans to 22.1 trillion tomans, indicating a decline in the net asset value belonging to shareholders at the group level.
Decrease in Consolidated Net Profit
Saba Energy's consolidated net profit decreased from about 9 trillion tomans in 2024 to 7.7 trillion tomans in 2025. The performance of some subsidiary companies negatively impacted the group's consolidated profitability.
Growth in Main Company's Net Profit
The main company's net profit increased from about 11 trillion tomans in 2024 to 13.8 trillion tomans in 2025, registering a nominal growth of about 25%. However, this growth, without accounting for inflation, is not very defensible for a holding of Saba Energy's scale with a portfolio consisting of large petrochemical and steel companies and significantly lags behind the economic capacities of this collection.
