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.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
UK car dealership motors out of virus lockdown
EU, UK to step up Brexit talks despite limited progress
Toyota bets on China fuel cell future with FAW and other automakers
Strong ‘Made in Qatar’ trademark growth seen despite blockade: Qatari entrepreneur
China takes initial steps towards $3tn real estate market
Record wave of local debt in China leaves foreigners wary
Asia equity markets extend rally on massive stimulus
Insurance sector in Qatar expected to rebound in 2021: A M Best
European markets end massively higher on easing of lockdowns