MPHC reports a net profit of QR 909 million for the six-month period ended 30 June 2021

Ongoing sequential product price recovery, underpinned by improved macroeconomic environment and supply constraints resulted in solid bottom-line growth

  
  • Earnings per share (EPS) amounted to QR 0.072 for the six-month period ended 30 June 2021, as compared to QR 0.011 for 1H-20
  • Group revenues enhanced by 97% versus 1H-20 to reach QR 1.9 billion for the six-month period ended 30 June 2021
  • Robust liquidity position with closing cash and cash equivalents stood at QR 2.8 billion as of 30 June 2021 

Doha, Qatar: Mesaieed Petrochemical Holding Company (“MPHC” or “the Group”; QE ticker: MPHC), today announced a net profit of QR 909 million for the six-month period ended 30 June 2021, representing an increase of 573% compared to the same period last year.

Commenting on the financial and operational performance for 1H-21, Mr. Ahmad Saif Al-Sulaiti, Chairman of the Board of Directors, MHPC, said:

“The main highlight of MPHC’s performance was a sequential macroeconomic recovery which led to a solid demand relating to basket of our products coupled with supply constraints, and resulted in an improved set of financial results. While macroeconomic sentiments remained positive, we continued to capitalize on our robust business strategies and operational excellence. Going forward, we would continue to focus on productivity and efficiency gains while selectively invest in capital projects that would increase our competitiveness and create shareholder value.” 

Updates on macroeconomic environment

The economic momentum carried from the latter part of last year, on the back of satisfactory vaccination drive and easing out of geographical lockdowns in major markets, led to a sequential recovery in demand for petrochemicals and chlor-alkali products, and positively reflected on selling prices. Industry-wide supply constraints and global logistical bottlenecks also played a part in keeping the product prices favourable for the downstream producers.

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About MHPC

Mesaieed Petrochemical Holding Company Q.P.S.C. (“MPHC”) was incorporated as a Qatari joint stock company on May 29, 2013 with an agreed effective date for the transfer of Qatar Petroleum’s previous shareholding in the joint ventures of September 1, 2013. The registered office is located at P.O. Box 3212, Doha, State of Qatar.

The main activity of MPHC is to act as a holding company: (i) Q-Chem is currently owned by MPHC (49%), Chevron Phillips Chemical International Qatar Holdings L.L.C. (“CPCIQH”) (49%) and QP (2%), and has one wholly-owned subsidiary, Q-Chem Distribution Company Limited,(ii) Q-Chem II is currently owned by MPHC (49%), CPCIQH (49%) and QP (2%), and has one wholly-owned subsidiary, Q-Chem II Distribution Company Limited, and an effective ownership interest of 53.85% in a joint venture, Ras Laffan Olefins Company Limited, which supplies ethylene to Q-Chem II; and (iii) QVC, which was incorporated in 1997 as a joint venture, and is currently owned by MPHC (55.2%), Qapco (31.9%) and QP (12.9%).

For more information about the earnings announcement, e-mail mphc@qp.com.qa  or visit www.mphc.com.qa 

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