Financial Performance Evaluation of the Gas Distribution Companies of National Iranian Gas Company

The purpose of this study is to evaluate the financial performance of 31provincial gas distribution companies as the affiliates of National IranianGas Company (NIGC). To this end, we identified financial performanceindicators in accordance with the requirements of NIGC through a reviewof theoretical foundations and interviews with a number of financial andplanning experts and then prioritized them using the analytical hierarchyprocess (AHP) method. These indicators lied in four groups of liquidity,capital structure, profitability, and activity criteria. Then, the weightedindicators were analyzed using TOPSIS technique and with help of theExpert-Choice (EC) software, and the final ranking of the companieswas provided. The results showed that, based on the identified criteria,provincial gas companies of Hormozgan, Yazd, Markazi, and Kermanshahhad a favorable financial performance and Ilam, Mazandaran, Chaharmahaland Bakhtiari, and Zanjan provincial gas companies had a weak financialperformance with respect to the other companies in the three years reviewed.Finally, some suggestions have been made in this regard.