Jey Oil Refining has faced significant changes in its financial statements in 2025. The company's operational revenue has reached 29,361 billion tomans with a 50% growth. Meanwhile, the cost of goods produced has increased by 55%, leading to a significant reduction in gross profit. Consequently, the company's gross profit has dropped by 33% to only 818 billion tomans.
Increase in receivables and collection challenges
Receivables of Jey Oil Refining have also increased by 103% compared to last year, creating new challenges for the company. The collection period for receivables has noticeably lengthened. Receivables from the sale of credit asphalt to two companies have been reported at 3,416 billion tomans. To collect these receivables, the company has implemented measures such as check protest, enforcement of guarantees, and legal and criminal follow-ups.
Increase in costs and impact on net profit
Sales, administrative, and general expenses have also risen by 103% to 651 billion tomans, and financial costs have reached 794 billion tomans. In other words, financial costs are almost equivalent to the total gross profit of 818 billion tomans. Despite these conditions, Jey Oil Refining has managed to identify a net profit of 1,155 billion tomans. At the same time, the company's non-operational revenues have surged by 241% to 1,499 billion tomans, which is even higher than the gross profit from the company's operational activities.
Alongside these figures, significant resources have also been allocated to advance payments for raw material purchases, and the issue of storage costs for unharvested vacuum bottom remains a notable point in the report. This situation indicates serious challenges in the financial management of this company that could impact its future performance.
Despite a 50% growth in revenue, the decline in gross profit and the increase in receivables indicate how much this sales growth has translated into quality operational profit and real cash flow. These issues could affect the financial outlook and future performance of Jey Oil Refining and require more detailed investigations.
