Doha – Mubasher: Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum (QP), on Sunday announced its financial statements for the first quarter ended 31 March 2017.
MPHC reported a net profit of QAR 212.3 million in Q1-17, compared to QAR 212.4 million in Q1-16, according to a filing to the Qatar Stock Exchange (QSE).
Earnings per share (EPS) stood at QAR 0.17 in the first three months of the year.
“The groups’ profit for the quarter was also aided by recognition of a tax refund of approximately QAR 18 million for the quarter. The group continued to benefit from the supply of competitively priced ethane feedstock and fuel gas under long-term supply agreements,” the statement showed.
Mesaieed highlighted that the contracting arrangement was an important value driver for its profitability amidst the challenging market conditions.
Quarter-on-quarter, net profit fell 24% to QAR 66.2 million affected by the “reduced sales volumes on periodic turnaround in some of the group companies’ plants [which was] offset by the increase in selling prices.”
The petrochemical company said its total assets as at 31 March, 2017 reached QAR 13.9 billion, down from QAR 14.4 billion as at 31 December 2016.
Mesaieed stock closed Sunday up, adding 0.33% to reach QAR 15.
