(MENAFN) Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum and one of the region"s premier diversified petrochemical conglomerates, said its net profit was estimated at USD246.8 million in the first half of the current year, according to the Peninsula Qatar.
Chairman of Mesaieed Petrochemical Holding Company said: "MPHC closed the half year ended June 30, 2014 with strong earnings of USD246.83 million clearly indicating the group"s ability to generate strong profits and cash flows. All group companies exceeded their budgeted expectations. In addition, cash generation remained strong, with a total of USD245.5 million of cash from operations across all group companies for the half year. These results bode well for the balance of year outlook."
Khalid Al Subaey, Chief Coordinator of MPHC commented: "The group maintained strong EBITDA margins for the half year ended June 30, 2014 which was aided by resilient key product prices, supply of competitively priced ethane feedstock and fuel gas under long-term supply agreements with Qatar Petroleum and the recognition of a tax refund from the Public Revenues and Tax Department. Cash across all group companies as at June 30, 2014 remained at QR1.6bn indicating the group"s strong cash position. The utilisation rates remained strong except during general shutdown of QVC plants."