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 QR666m for the half of 2018, a 42 percent jump compared to QR469m during the same period of 2017. MPHC’s earnings per share rose to QR0.53 in the first half from QR0.37 during the corresponding period of the previous year.
The increase in profit was driven by improved selling prices by 13 percent and increased sales volumes by 6 percent, as the previous year witnessed planned turnaround in one of the group companies’ plants. The group’s profit for the period was also aided by the recognition of a tax refund of approximately QR64m 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 condition.
The closing cash position after the first six months of operations was a robust QR1.2bn as at 30 June 2018.The total assets at 30 June, 2018 was QR14.6bn, compared to QR14.8bn as at 31 December 2017.
As compared to the previous quarter, the net profit was down by QR47m or 13 percent due to the planned annual maintenance shutdown in one of the group companies’ plants.
