(MENAFN- The Peninsula) The Peninsula
Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum and one of the region's premier diversified petrochemical conglomerates, posted a net profit of QR805.9m for the nine months period ended September 30, 2017 with earnings per share of QR0.64, surging by 13 percent on previous year.
Improved selling prices coupled with one-off claims received were the main contributors towards improved performance. The financial performance significantly exceeded the group's budget expectations.
The group's profit for the period was also aided by recognition of a tax refund of approximately QR74.3m for 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 in a challenging market condition.
The closing cash position after the first nine months of operations and after distribution of previous years' dividends of QR724.2m, was a robust QR1.1bn as at September 30, 2017. The total assets at September 30, 2017 was QR14.5bn, compared to QR14.4bn as at 31 December 2016.
Reflecting MPHC's robust liquidity position, the closing cash stood at QR1.1bn, after the distribution of previous years' dividends of QR724m, at the end of September 2017. Tax refund of QR74m booked for the period.
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