Mesaieed Petrochemical Holding Company (MPHC) posted a robust net profit of QR1.4bn for the last financial year ended December 3, up by 28 percent compared to previous year’s net profit of QR1.1bn. The profit for the year was also aided by the recognition of a tax refund of approximately QR169m during the year.
Earnings per share reached at QR1.11 in 2018 against QR0.87 (87 dirhams) previous year.
MPHC is 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.
The group continued to benefit from the supply of competitively priced Ethane feedstock and Fuel gas under long-term supply agreements. QChem and QChem II also benefitted from the increased availability of feedstock of 8 percent during the year through separate agreements. These contractual arrangements are an important value driver for the group to sustain its strong profitability in a highly competitive market environment.
The closing cash position as at December 31, 2018 after distribution of the previous years’ dividends of QR855m, was a robust QR1.9bn. The total assets as at December 31, 2018 was QR15.3bn, compared to QR14.8bn as at December 31, 2017.
The Board of Directors therefore recommends a total annual dividend distribution of QR1bn, equivalent to a payout of QR0.8 per share representing 72 percent of the group’s profit. The dividend distributions, since inception including the proposed distribution for 2018, amounts to QR5.3bn.
Source from: The Peninsula