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Tribune News Network
Doha
Mesaieed Petrochemical Holding Company (MPHC) posted a first-half net profit of QR468.6 million, translating to earnings per share of QR0.37, an official statement said on Sunday.
This is 4 percent down from the net profit MPHC posted in the same period last year.
"Reduced sales volume on periodic turnaround in some of the group companies' plants is offset by the increase in selling prices. The financial performance significantly exceeded the group's budget expectations," MPHC said.
The group's profit for the period was also aided by recognition of a tax refund of approximately QR42.8 million for the period, it said, adding that 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," it said.
The closing cash position after the first six months of operations and after distribution of previous years' dividends of QR716.5 million, was QR876.3 million as of June 30, 2017.
The total assets on June 30, 2017 stood at QR14.1 billion, compared with QR14.4 billion on December 31, 2016.
"The group is closely monitoring the effect of the blockade and is amending the flow of operations and activities when deemed necessary," MPHC said.
A subsidiary of Qatar Petroleum and one of the region's premier diversified petrochemical conglomerates, MPHC is into production of olefins, polyolefins, alpha olefins and chlor-alkali products.
