This study examines the effects of PRIVATE ownership intensity on profitability in Iranian Agricultural Conversion Industries in any four-digit code of ISIC. For this purpose, ten-worker workshops industrial data and information during 2005-2018 years were used. Profitability is considered as dependent variable and ownership severity, advertising intensity, R & D intensity, investment intensity, export intensity and market share are considered as explanatory variables. Model was estimated using Arellano and Bover GMM (dynamic two-step data panel). The results show a significant and positive relationship between profitability and ownership; increased research and development lead to increased exports and profitability investment and increased market share and advertising lead to reduced profitability.