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MPHC reports net profit of $155.76mln for nine-month period

Simon Osuji by Simon Osuji
October 30, 2024
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MPHC reports net profit of $155.76mln for nine-month period
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Doha: Mesaieed Petrochemical Holding Company (“MPHC” or “the Group”; QE ticker: MPHC), yesterday announced a net profit of QR567m for the nine-month period ended 30 September 2024, representing a decline compared to 9M-23.

The global economy is facing headwinds as it grapples with the ongoing impact of stringent monetary policies implemented to curb inflation. Despite some central banks beginning to lower interest rates, the extended period of elevated rates continues to dampen industrial activities, hindering the pace of full recovery from economic downturns.

Consequently, worldwide industrial production growth remains muted, with regional disparities reflecting diverse economic circumstances. Additionally, geopolitical tensions in various regions have further impeded the stabilization of macroeconomic conditions, contributing to the overall challenging economic landscape.

Overall, commodity prices for MPHC’s basket of products have declined year-on-year, primarily due to buyers adopting a cautious approach amid macroeconomic headwinds, along with relatively lower energy prices. However, on a quarter-on-quarter basis, the prices have stabilized and are beginning to show signs of upward momentum.

MPHC reported a net profit of QR567m for the nine-month period ended 30 September 2024, marking a decrease compared to the same period last year. This decline in profitability was primarily attributed to lower selling prices, which resulted in reduced Group revenue. The drop in Group revenue was mainly linked to a decrease in average blended product prices, coupled with a decline in profit margins.

Despite the overall revenue decline, MPHC experienced an increase in sales volumes compared to 9M-23. This increase was primarily driven by higher sales volumes reported in the chlor-alkali segment, which fully offset lower sales volumes in the petrochemicals segment. This positive movement in sales volumes translated favorably

Comparing 3Q-24 to 2Q-24, the segment’s profitability increased significantly. This improvement was driven by three key factors: higher sales volumes due to improved production efficiency, increased selling prices as market fundamentals gradually strengthened, and overall margin expansion. The combination of these factors resulted in a notably stronger quarterly performance for the segment.

MPHC will host an IR earnings call with investors to discuss its results, on Sunday, 03 November 2024 at 1:30 p.m. Doha Time. The IR presentation that accompanies the conference call will be posted on the ‘financial information’ page within the Investor Relations section at MPHC’s website.

© Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
 



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