(The Group’s Comments) Mesaieed Petrochemicals Net Profit Drops to QR 281 Million in the First Quarter of 2019

 

April 25, 2019

 

·         Profits: Mesaieed Petrochemicals Holding Company’s profits dropped to QR 281.1 million in the first quarter of 2019, a decrease of 21% compared to QR 356.6 million for the corresponding period last year. Mesaieed’s earnings per share amounted to QR 0.22 in this last quarter, versus QR 0.28 in the corresponding period of 2018. The decline in profits was due to the decrease in the prices of the company's products during that period.

 

·         Revenue: The company’s main source of revenues is its share in the results of joint venture projects (Kyochem, Kyochem 2 and Qatar Aluminum), which are jointly controlled with Qatar Petroleum. The company's share of the profits of these joint ventures decreased by 26% to QR 234.6 million in the first quarter of 2019, compared to QR 317.6 million for the corresponding period of 2018, and cash dividends from joint ventures decreased by QR 33 million, which also contributed to the decline in profits for this quarter.