MPHC Declares 2018 Half Year Net Profit of QR 666 Million

Doha, August 06 (QNA) - Mesaieed Petrochemical Holding Company ("MPHC" or "the group"; QE: MPHC), announced its financial results for the half year ended 30 June 2018 with net profit of QR 666 million. MPHC reported a net profit of QR 666 million for the half year ended 30 June 2018 with earnings per share of QR 0.53, outperforming the net profit of QR 469 million and earnings per share of QR 0.37 during the corresponding period of the previous year by QR 197 million or 42 percent. The increase in profit was driven by improved selling prices by 13 percent and increased sales volumes by 6 percent, as the previous year witnessed planned turnaround in one of the group companies' plants. The group's profit for the period was also aided by the recognition of a tax refund of approximately QR 64 million 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 six months of operations was a robust QR 1.2 billion as at 30 June 2018.The total assets at 30 June, 2018 was QR 14.6 billion, compared to QR 14.8 billion as at 31 December 2017. As compared to the previous quarter, the net profit was down by QR 47 million or 13 percent due to the planned annual maintenance shutdown in one of the group companies' plants. (QNA)