Mesaieed Petrochemical H1 net profit touches QR 899.4mn

28 Jul '14

2 min read

Mesaieed Petrochemical Holding Company, a subsidiary of Qatar Petroleum and one of the region’s premier diversified petrochemical conglomerates with interests in the production, distribution and sale of olefins, polyolefins, alpha olefins and chlor-alkali products, announced its financial results for the half year ended June 30, 2014 with a net profit of QR 899.4 million.

In comments issued to the Qatar Exchange, H.E. Dr. Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry, Chairman of Mesaieed Petrochemical Holding Company, stated, “MPHC closed the half year ended June 30, 2014 with strong earnings of QR 899.4 million clearly indicating the group’s ability to generate strong profits and cash flows. All group companies exceeded their budgeted expectations. In addition, cash generation remained strong, with a total of QR 894.8 million of cash from operations across all group companies for the half year. These results bode well for the balance of year outlook.”

Consolidated Financial Results

Commenting on the financial results for the half year, Mr. Khalid Al-Subaey, Chief Coordinator, Mesaieed Petrochemical Holding Company, stated, “The group maintained strong EBITDA margins for the half year ended June 30, 2014 which was aided by resilient key product prices, supply of competitively priced ethane feedstock and fuel gas under long-term supply agreements with Qatar Petroleum and the recognition of a tax refund from the Public Revenues and Tax Department. Cash across all group companies as at June 30, 2014 remained at QR 1.6 billion indicating the group’s strong cash position. The utilisation rates remained strong except during general shutdown of QVC plants.”

Segmental Financial Results

The main activity of MPHC is to act as a holding company. The group consists of six companies, with three of them directly held: MPHC holds 49.0% of the issued share capital of each of Qatar Chemical Company Limited Q.S.C (“Q-Chem”) and Qatar Chemical Company II Limited Q.S.C (“Q-Chem II”), and 55.2% of the issued share capital of Qatar Vinyl Company Limited Q.S.C. (“QVC”). Both Q-Chem and Q-Chem II each have a single, wholly-owned subsidiary, while Q-Chem II also has an effective ownership of 53.85% of Ras Laffan Olefins Cracker Company Limited. The group’s facilities are all based within the State of Qatar, and are primarily engaged in the production of olefins, polyolefins, alpha olefins, and chlor-alkali products.

Click here to view full results.

Mesaieed Petrochemical Holding Company

More Qatar Petroleum News... More Textiles News - Qatar...