Doha, – Mesaieed Petrochemical Holding Company announced Sunday recording QR212.3 million in net profit during the first quarter of 2017.

The profits account to QR0.17 per share. Profit was flat compared to the same period of 2016. The rise in selling prices were offset by reduced sales volume due to periodic turnaround in a number of the company’s plants. Comparing results to the previous quarters, net profit was down by QR 66.2 million or 24 percent. This was also due to lower selling volumes resulting from the turnaround. A statement released today by the company said that results in the first quarter exceeded budget expectations by 42 percent.

The groups’ profit for the quarter was also aided by recognition of a tax refund of approximately QR 18 million for the quarter. The group continued to benefit from the supply of competitively-priced ethane feedstock and fuel gas under long-term supply agreements. This contracting arrangement is an important value driver for the group profitability in a challenging market condition.

The closing cash position after the first three months of operations and after distribution of previous years’ dividends of QR 697.9 million, was a robust QR 721.8 million as at March 31, 2017. The total assets at March 31, 2017 was QR 13.9 billion, compared to QR 14.4 billion as at 31 December 2016. (QNA)

Source: Qatar News Agency