MPHC posts 13% jump in 9-month profit to QR805.91mn
October 30 2017 12:30 AM
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MPHC’s total assets were valued at QR14.48bn

Improved selling prices and one-off claims helped Mesaieed Petrochemical Holding Company (MPHC) report a 13% increase year-on-year in net profit to QR805.91mn in the first nine months of this year.
The company, a subsidiary of Qatar Petroleum, said its financial performance “significantly exceeded” the group’s budget expectations.
The profit for the period was aided by recognition of a tax refund of approximately QR74.3mn for the period, said a spokesman of MPHC, one of the region’s premier diversified petrochemical conglomerates with interests in the production of olefins, polyolefin, alpha olefins and chlor-alkali products.
“The group continued to benefit from the supply of competitively priced ethane feedstock and fuel gas under long-term supply agreements,” he said, adding this contracting arrangement is an important value driver for the group’s profitability in a challenging market condition.
The company’s share of results from joint ventures witnessed more than 11% increase to QR722.53mn and interest income by about 71% to QR20.48mn.
MPHC also brought down its general and administrative expenses by more than 5% to QR12.19mn.
Total assets were valued at QR14.48bn, comprising current assets of QR1.29bn and non-current assets of QR13.19bn at the end of September 30 this year.
Total equity stood at QR14.33bn on a capital base of QR12.56bn and earnings-per-share stood at QR0.64 during January-September this year.
The closing cash position stood at a robust QR1.1bn at the end of nine-month ended September 30, 2017, even after paying the previous years’ dividends of QR724.2mn.



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