Posted on April 29, 2016

Mesaieed Petrochemical Holding Company reported a net profit of QR 212.4 million for the quarter ended March 31, 2016 with earning per share of QR 0.17, an increase of QR 96.2 million or 83% compared to a net profit of QR 116.2 million with an earning per share of QR 0.09 in Q1, 2015. 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 QR 20 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. 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 879.4 million, was a robust QR 432.2 million as at March 31, 2016.

The total assets at March 31, 2016 was QR 13.7 billion, compared to QR 14.3 billion as at 31 December 2015. Mesaieed Petrochemical Holding Company Q.S.C. ("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, was incorporated as a Qatari joint stock company on May 29, 2013.