Qatari MPHC net profit hits USD384.15m in 9M

22 Oct 2014

(MENAFN) Mesaieed Petrochemical Holding Company (MPHC), a subsidiary group of Qatar Petroleum, recorded a net profit of USD384.15 million for the January-September period of this year, The Peninsula Qatar reported.

The group’s July-September period net profit also increased, reaching USD131.02 million, compared to USD112.99 million which was registered during the April-June period of this year, which represents an increase of 9.6 percent in quarterly profit.

The group attributed its net profit increase to resilient key product prices, as well as its supply of competitively priced ethane feedstock due to its long-term supply agreements with Qatar Petroleum.

The group consists of six companies, with MPHC holding 49 percent of each of Qatar Chemical Company Limited QSC (Q-Chem) and Qatar Chemical Company II Limited QSC (Q-Chem II), and 55.2 percent of the capital of Qatar Vinyl Company Limited QSC (QVC).

During the first nine months of this year, Q-Chem’s revenue reached USD384 million, while third quarter revenue was USD105.75 million, which is a decrease by 3.3 percent compared to the second quarter, due to a drop in polyolefin sales volumes by 7.3 percent.

Meanwhile Q-Chem II’s revenue hit USD439.02 million for the cited period, and its third quarter revenue hit USD148.08 million, increasing by 9.3 percent compared to the April-June period, due to an increase in the ethylene sales volumes.