Analysis of Financial Performance of Cement Industry Manufacturing Companies in Tehran Stock Exchange Using the FAHP Technique and the TOPSIS Method

Main Article Content

Sahar Omrani
Mostafa Jafari
Ali Mansori
صندلی اداری



The aim of this study was to provide a fuzzy model for evaluating the performance of cement industry manufacturing companies listed in Tehran Stock Exchange in 2013, 2014 and 2015 using financial ratios and considering the preferences of different decision makers.


This study was based on FAHP and TOPSIS, in which the FAHP was used to determine the weight of different criteria of the decision makers. Finally, the cement industry companies were ranked using the TOPSIS approach. In this study, different financial ratios such as liquidity ratios, leverage ratios, activity ratios, profitability ratios, and growth ratios were used for evaluation.

Results & Findings

Eleven findings and nineteen results were presented that three Soufian Cement Company, Ghadir Capital and Industry Development Cement Company, and Hegmatan Cement Company from Three East Azarbaijan, Tehran, and Hamedan provinces and from three different geographic regions of Iran have had the most similarity with the ideal solution in the ranking of options (alternatives) by the TOPSIS method. Also, in the light of core values and by maintaining their market share and competent corporate governance, they have gained the highest output of the cement industry by obtaining the first rank respectively in 2013, 2014, and 2015, which, in turn, can be a good representative of the country's cement industry. By modeling the top companies and with the help of science along with analyzes in other sectors of the cement industry, the firms with weaker performance can strengthen their performance. This can become a strong strength for the Iranian cement industry.


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