(The Group’s Comments) Mesaieed Petrochemicals Net
Profit Drops to QR 281 Million in the First Quarter of 2019
April 25, 2019
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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.
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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.
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