DOHA: Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum (QP), recorded a net profit of QR489.7m for the first half of 2016, with earnings per share of QR0.39, a surge in profits of QR86.9m, or 22 percent, compared to a net profit of QR402.8m with earnings per share of QR0.32 in the first half of 2015.
The year-on-year increase was due to buoyant sales volumes and an increase in other income in the midst of a challenging market.
MPHC is one of the region’s premier diversified petrochemical conglomerates with interests in the production of olefins, polyolefins, alpha olefins and chlor-alkali products.
MPHC noted yesterday that its improved performance during the first half of 2016 was triggered by growth in sales volume.
However, decline in product prices weighed on the performance.
The groups’ profit was also aided by recognition of a tax refund of QR45m during 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 under volatile market conditions.
The closing cash position after the first six months of operations and after distribution of previous year’s dividends of QR837.1m during the period was a robust QR700.7m as at June 30, 2016.
MPHC’s total assets at June 30, 2016 were QR13.9bn, compared to QR14.3bn in December 2015. MPHC’s shares rose 1.91 percent yesterday.
The Peninsula
DOHA: Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum (QP), recorded a net profit of QR489.7m for the first half of 2016, with earnings per share of QR0.39, a surge in profits of QR86.9m, or 22 percent, compared to a net profit of QR402.8m with earnings per share of QR0.32 in the first half of 2015.
The year-on-year increase was due to buoyant sales volumes and an increase in other income in the midst of a challenging market.
MPHC is one of the region’s premier diversified petrochemical conglomerates with interests in the production of olefins, polyolefins, alpha olefins and chlor-alkali products.
MPHC noted yesterday that its improved performance during the first half of 2016 was triggered by growth in sales volume.
However, decline in product prices weighed on the performance.
The groups’ profit was also aided by recognition of a tax refund of QR45m during 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 under volatile market conditions.
The closing cash position after the first six months of operations and after distribution of previous year’s dividends of QR837.1m during the period was a robust QR700.7m as at June 30, 2016.
MPHC’s total assets at June 30, 2016 were QR13.9bn, compared to QR14.3bn in December 2015. MPHC’s shares rose 1.91 percent yesterday.
The Peninsula
