Ahmad Saif Al Sulati (second right), Chairman of Messaied Petrochemical Holding Company(MPHC)addressing the AGM at the Four Seasons Hotel, yesterday. Pic: Qassim Rahmatullah / The Peninsula
Mesaieed Petrochemical Holding Company’s (MPHC) five-year plan for optimization of costs, operations and assets will help reap additional value to MPHC shareholders. The Qapco-QVC integration resulted in further efficiencies in costs, stated Ahmad Saif Al Sulati, Chairman of MPHC yesterday.
Addressing the ordinary general assembly meeting of MPHC, the Chairman said MPHC’s strategy for the next five years is to improve efficiency via the on-going cost optimization programmes and to invest selectively in capital projects in accordance with the approved investment policy and thereby adding value to MPHC’s shareholders. Additionally, the group will continue to focus on market development in order to broaden its customer base.
“We believe that continued investments in operating assets are essentially to remain competitive in the market. These investments will further strengthen the group’s competitive position in the region”, Al Sulaiti said.
On awarding of incentive shares, the Chairman said Qatar Petroleum has completed the distribution of the first tranche of free incentive shares to eligible shareholders of MPHC. The distributed shares are equivalent to 50 percent of those allotted to shareholders at the time of the MPHC initial public offering (IPO). The distribution of the second set of free incentive shares will take place on December 31, 2023.
Commenting on MPHC’s 2018 financial results, the Chairman said the company witnessed another year of stupendous financial and operational performance. Product prices of group companies’ products remained robust, with overall improvement in prices by 10 percent on the previous year. Sales volumes of group companies’ products were up by 4 percent, as the previous year witnessed planned maintenance in QChem. Driven by high revenue, MPHC’s net profit surged by 28 percent to reach QR1.4bn. Total assets closed at QR15.3bn, with solid liquidity position as cash held by the company stood at QR1.9bn, the Chairman said.
Listing out MPHC’s competitive advantages in the market, Al Sualiti said the group possesses a strong and reliable asset base; robust liquidity position and ability to generate solid operating cash flow. Through its marketing arm Muntajat, MPHC has access to diverse base of worldwide clients.
With 18 offices around the world and a multinational team of experts, Muntajat BV, headquartered in The Hague, Netherlands is responsible for marketing Muntajat’s pportfolio of products and is committed to continuously monitor local conditions and trends to better serve customers’ requirements and future needs. Muntajat is now the sole marketer and distributor of Industries Qatar (IQ) and MPHC’s finished products.
