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Tribune News Network
Doha
Mesaieed Petrochemical Holding Company (MPHC) has reported net profit of QR281 million for the first quarter of the year ending March 31, 2019.
The company posted earnings per share of QR0.22 compared, down on the corresponding period of the previous year by QR76 million or 21 percent. The decrease in profit is primarily due to reduction in sales volumes and selling prices, MPHC said in a statement on Thursday.
The closing cash position after the first three months of operations was a robust QR1.3 billion. The total assets reached QR14.6 billion, compared to QR15.3 billion as at December 31, 2018.
The group’s profit was also aided by the recognition of a tax refund of approximately QR33 million for the quarter. The group continued to benefit from the supply of competitively priced ethane feedstock and fuel gas under long-term supply agreements. These contracting arrangements were an important value driver for the group’s profitability in a competitive market environment.
The petrochemical segment’s profit for the quarter as compared to the corresponding period of previous year was impacted primarily by the drop in selling prices. While the production and sales volumes marginally increased by 1 percent, the selling prices dropped by 12 percent.
The chlor-alkali segment’s profit reduced from previous year primarily due to decrease in sales revenue and other income. Sales revenue was impacted by the decrease in sales volumes by 10 percent and decrease in selling prices by 14 percent. Production was marginally lower by 2 percent from previous year.
MPHC is one of the region’s premier diversified petrochemical conglomerates with interests in the production of olefins, polyolefins, alpha olefins and chlor-alkali products.
Doha
Mesaieed Petrochemical Holding Company (MPHC) has reported net profit of QR281 million for the first quarter of the year ending March 31, 2019.
The company posted earnings per share of QR0.22 compared, down on the corresponding period of the previous year by QR76 million or 21 percent. The decrease in profit is primarily due to reduction in sales volumes and selling prices, MPHC said in a statement on Thursday.
The closing cash position after the first three months of operations was a robust QR1.3 billion. The total assets reached QR14.6 billion, compared to QR15.3 billion as at December 31, 2018.
The group’s profit was also aided by the recognition of a tax refund of approximately QR33 million for the quarter. The group continued to benefit from the supply of competitively priced ethane feedstock and fuel gas under long-term supply agreements. These contracting arrangements were an important value driver for the group’s profitability in a competitive market environment.
The petrochemical segment’s profit for the quarter as compared to the corresponding period of previous year was impacted primarily by the drop in selling prices. While the production and sales volumes marginally increased by 1 percent, the selling prices dropped by 12 percent.
The chlor-alkali segment’s profit reduced from previous year primarily due to decrease in sales revenue and other income. Sales revenue was impacted by the decrease in sales volumes by 10 percent and decrease in selling prices by 14 percent. Production was marginally lower by 2 percent from previous year.
MPHC is one of the region’s premier diversified petrochemical conglomerates with interests in the production of olefins, polyolefins, alpha olefins and chlor-alkali products.
