MPHC Reports Profits of QR 281 Million for First Quarter of 2019

Doha, April 25 (QNA) - Mesaieed Petrochemical Holding Company ("MPHC" or "the group"; QE: MPHC), announced its financial results for the first quarter ended 31 March 2019 with net profit of QR 281 million. MPHC said in a press statement that the company reported net profit of QR 281 million for the quarter ended 31 March 2019 with earnings per share of QR 0.22 (31 March 2018: QR 0.28), down on the corresponding period of the previous year by QR 76 million or 21 percent. The decrease in profit is primarily due to reduction in sales volumes and selling prices. The groups profit was also aided by the recognition of a tax refund of approximately QR 33 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. These contracting arrangements are an important value driver for the group’s profitability in a competitive market environment. (QNA)