Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar- MPHC posts QR463.8m net profit  Join our daily free Newsletter

MENAFN - The Peninsula - 23/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum and one of the region's premier diversified petrochemical conglomerates, delivered an impressive net profit of QR463.8m for the first quarter of 2014 (Q1, 14).

H E Dr Mohamed bin Saleh Al Sada, the Minister of Energy and Industry, and the Chairman of MPHC, said in a filing to Qatar Exchange that all group companies performed in line with budgeted expectations. "In addition, cash generation remained strong, with a total of QR629.5m of cash from operations across all group companies for the first quarter. These results compare favourably to the group's 2013 four-month performance, and bode well for the balance of year outlook", Dr Al Sada said.

Elaborating on the financial results, Khalid Al Subaey, Chief Coordinator, MPHC, said: "Total cash and cash equivalents across all group companies grew by QR459.9m during the quarter to a total of QR2bn, indicating the group's healthy cash position."

On the performance of various segments of the group, Al Subaey said the revenue of the combined Q-Chem/Q-Chem II business unit for the first quarter of 2014 reached QR908.3m. The revenue was largely on par with the companies' performance in the last four months of 2013, and was primarily based on strong polyolefin utilisation rate of 123 percent.

The polyolefin/alpha-olefin sales mix was adjusted versus the last four months of 2013 in order to take advantage of pricing and market opportunities identified during the quarter. As a result, polyolefins constituted 71 percent of revenue, alpha-olefins 27 percent with the remainder attributable to other minor products.


Combined EBITDA for the period was QR585.4m, at a creditable EBITDA margin of 64.5 percent, as the business unit continued to benefit from the supply of competitively-priced ethane feedstock by Qatar Petroleum. Net profit for the quarter was QR444.9m and net profit margin was 49.0 percent, with the difference between net profit and EBITDA primarily due to current and deferred taxes (QR81m) and depreciation (QR55.2m). Total assets of the combined Q-Chem/ Q-Chem II business unit as at March 31, 2014 were QR7.3bn, with cash and cash equivalents before dividends increasing by QR367.3m versus the year-end, to close at QR1.3bn. Total debt was QR1.8bn, with the entire balance due by Q-Chem II, while the combined companies' cash realisation ratio was over 100 percent.

"QVC registered revenue of QR174.5m from the sale of its chlor-alkali products," said Al Subaey. "Results were not materially impacted by planned shut-downs of the company's EDC, VCM and caustic soda facilities, as sales volumes were boosted by the release of prior period inventory."

Net profit recorded during the period was QR8.1m. Subject to fulfilling specified conditions in a clarification received from Public Revenues and Tax Department, MPHC is eligible for a tax refund of QR 13.2m for the period from the date of the company's listing to the end of the accounting period on March 31, 2014.

 


The Peninsula




  MENA News Headlines
 Feb 13 2016 - Saudi Arabia to work on reducing emissionsMENAFN
(MENAFN) Saudi Arabia realizes the importance of renewable energy in the economic and social growth, and all people have the right to have reliable energy sources.Additionally, the fossil fuel will ...

 Feb 13 2016 - Germany to offer USD 566mn in credits to IraqMENAFN
(MENAFN) Germany will offer USD 566mn worth of credit to Iraq in order to help it with the sharp downturn in global oil prices and its will do it best.Furthermore, Germany will stabilize Iraq with ...

 Feb 13 2016 - Qatar's consumption will grow to 39.6 percentMENAFN
(MENAFN) Qatar's investments of its GDP increased to 39.6 percent in Q2 last year from 32.4 percent in 2014 on stable government capital spending.Moreover, the nation's consumption grew to 20.8 ...

 Feb 13 2016 - Suspected jihadist will not recover Swiss passportThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The Swiss Federal Criminal Court has upheld the decision of the Swiss Attorney General’s Office to confiscate the Swiss passport and identifying ...

 Feb 13 2016 - Turkey praises planned Syria cessation of hostilitiesThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkey has praised an agreement between major powers to cease hostilities in Syria to provide humanitarian aid as “an important step” toward ...

 Feb 13 2016 - Split over PYD continues between US TurkeyThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The split betweenAnkaraand Washington over the designation of the Syrian Kurdish Democratic Union Party (PYD) continues to rumble on though U.S. Secretary of ...

 Feb 13 2016 - Turkey to provide 1.5 million in health aid to GazaThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkey has said it has transferred $1.5 million to the WHO’s Palestine Representation in order to assist health institutions in Gaza. The announcement ...

 Feb 12 2016 - Turkey Iran to boost dialogue says diplomatThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkey and Iran have agreed to continue “enhancing dialogue” a Foreign Ministry official told Anadolu Agency on Friday. Umit Yalcin's remarks ...

 Feb 12 2016 - Turkish FM: Russian airstrikes rule out Syria cease fireThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Foreign Minister Mevlut Cavusoglu on Friday said peace could not be maintained in Syria unless Russia halts its airstrikes. Speaking to the media ahead of ...

 Feb 12 2016 - CIA: Islamic State has chemical weaponsThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The director of the Central Intelligence Agency said Islamic State fighters in Syria have used chemical weapons. John Brennan said there are a number of ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help