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Tribune News Network
DOHA
Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum, has reported a net profit of QR489.7 million in the first half of 2016, a rise of 22 percent, compared to the net profit of QR402.8 million in the same period last year.
The company's earnings per share (EPS) was QR0.39 at the end of June 30, compared to the EPS of QR0.32 at the end of the same period last year.
The year-on-year increase was due to buoyant sales volumes and an increase in other incomes in the midst of a challenging market.
The profit was also aided by a tax refund of QR45 million during 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 under volatile market conditions.
The closing cash position after the first six months of operations and after distribution of previous years' dividends of QR837.1 million during the period was a robust QR700.7 million as of June 30, 2016. The total assets as of June 30, 2016 was QR13.9 billion, compared to QR14.3 billion as of December 31, 2015.
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.
