Qatar- MPHC net profit up 83 in first quarter

4/29/2016 1:28:12 PM

(MENAFN- The Peninsula) DOHA: Mesaieed Petrochemical Holding Company (MPHC) a subsidiary of Qatar Petroleum and one of the region’s premier diversified petrochemical conglomerates with interests in the production of olefins polyolefins alpha olefins and chlor-alkali products recorded net profit of QR212.4m for the first quarter ended March 2016 an increase of 83 percent compared to a net profit of QR 116.2m in the same quarter last year.

The year-on-year increase was due to increased sales volumes and other income. The groups’ profit was also aided by recognition of a tax refund of approximately QR20m for the quarter.

Group’s earning per share for the quarter was of QR0.17. 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.

The closing cash position after the first three months of operations and after distribution of previous year’s dividend of QR 879.4m was a robust QR432.2m as at March 31 2016. The total assets at March 31 2016 was QR13.7bn compared to QR14.3bn as at 31 December 2015.

The Peninsula

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