MPHC reported QR 379 million net profit for the three-month period ended 31 March 2021

Significant product price recovery underpinned by improved macroeconomic environment and supply shortages resulting in strong bottom-line growth

  
  • Earnings per share (EPS) amounted to QR 0.030 for the three-month period ended 31 March 2021, as compared to QR 0.005 for the same period in the previous year
  • Group revenues surged by 73% versus Q1-20 to reach QR 893 million for the three-month period ended 31 March 2021
  • Robust liquidity position with closing cash and cash equivalents of QR 1.6 billion as at 31 March 2021 

Doha, Qatar; 27 April 2021:Mesaieed Petrochemical Holding Company (“MPHC” or “the Group”; QE: MPHC), one of the region’s premier diversified petrochemical conglomerates, today announced a net profit of QR 379 million for the three-month period ended 31 March 2021.

Updates on macroeconomic environment

During the quarter, macroeconomic conditions continued the upward trend that started from Q4-20 backed by vaccine rollout, easing of lockdowns in major economies, together with continued stimulus by major sovereigns. This continuous uptick in macroeconomic sentiments acted as primary catalyst for a renewed demand for commodity markets.

On the other side, supply shortages remained evident throughout the period, especially unplanned plant outages on account of unprecedented winter storm in certain parts of U.S. which persisted for almost two months, and created an overall supply shortage for petrochemicals and chlor-alkali products.

Read the full report here.

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