DOHA: Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum and one of the region’s premier diversified petrochemical conglomerates, reported a net profit of QR1bn for the period ended September 2018, outperforming the net profit of QR806m reported during the corresponding period of previous year. On year-on-year, the MPHC net profit grew by a solid 28 percent or QR222m.
The group’s earnings per share rose to QR0.82 during the financial period, compared to QR0.64 from a year ago.
The increase in profit was driven by improved selling prices by 13 percent and increased sales volumes by 5 percent, as the previous year witnessed planned turnaround in one of the group companies’ plants.
The groups’ profit for the period was also aided by the recognition of a tax refund of approximately QR98m for the period. The group continued to benefit from the supply of competitively priced ethane feedstock and fuel gas under long-term supply agreements.
This contracting arrangement is an important value driver for the group’s profitability in a challenging market. The closing cash position after the first nine months of operations was a robust QR 1.5bn as at 30 September 2018.The total assets stood at QR14.9bn, compared to QR14.8bn as at 31 December 2017.
As compared to the previous quarter, the net profit was up by QR52m or 17 percent, as the previous quarter witnessed planned annual maintenance shutdown in one of the group companies’ plants.
