Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum and one of the region’s premier diversified petrochemical conglomerates, has recorded a net profit of QR212.3m for the first quarter ended March 2017, with earnings per share of QR0.17 and profit remaining flat on Q1 2016.
A reduced sales volume on periodic turnaround in some of the group companies’ plants is offset by the increase in selling prices, MPHC said yesterday.
As compared to the previous quarter, the net profit is down by QR66.2m or 24 percent primarily due to the decrease in sales volumes arising from the turnaround in some of the group companies’ plants. The Q1 2017 financial performance exceeded the group’s budget expectations by over 42 percent.
The groups’ profit for the quarter was also aided by recognition of a tax refund of approximately QR18m for the quarter. 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 profitability in a challenging market condition.
