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FINANCIAL NEWS
Qatar’s MPHC registers USD494m net profit for 2014
02 Feb 2015
(MENAFN) Mesaieed Petro-chemical Holding Company (MPHC), a subsidiary of Qatar Petroleum, has recorded a consolidated net profit of USD494 million for the full-year 2014, The Peninsula Qatar reported.
MPHC, one of the region’s premier diversified petrochemical conglomerates with interests in the production, distribution and sale of olefins, poly olefins, alpha olefins and chlor-alkali products, reported a revenue of USD1.18 billion during the period. Revenue for the fourth quarter (Q4, 2014) was USD301.9 million, down USD3.15 million, or 1 percent, compared to the previous quarter of 2014.
The group continued to maintain strong EBITDA margins across all segments, as results were 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. These commendable results were achieved despite its QVC segment witnessing planned maintenance during the first half of the year, and heightened operating costs.
Consolidated net profit in the fourth quarter was USD1.09 million, down USD274.4 thousand, or 12.3 percent, versus the third quarter, principally due to a drop in alpha-olefin sales volume and prices.
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