MPHC net profit surges 250% to QR1.9bn in 2021 – The Peninsula

MPHC net profit surges 250% to QR1.9bn in 2021 – The Peninsula

Doha: Mesaieed Petrochemical Holding Company (MPHC or the Group), yesterday announced a net profit of QR1.9bn for the year ended December 31, 2021, representing an increase of 250 percent compared to last year.

Commenting on the financial and operational performance for 2021, Ahmad Saif Al Sulaiti, Chairman of the Board of Directors at MHPC said: “The main highlight for this year, was a sequential macroeconomic recovery which led us to report one of the strongest set of financial results. Despite global supply-chain headwinds, our marketing and logistics team came out strongly to steer us and insulated our activities from any operational disruptions".

“While macroeconomic sentiments remained positive, we continued our journey to capitalise on our robust business strategies and building our reputation of delivering solid results in achieving operational excellence. Going forward, we will continue to focus on productivity and achieving efficiency gains, while selectively investing in capital projects that would increase our competitiveness and create shareholder value," he added.

Group revenue improved by 62 percent to reach QR4bn, as compared to QR2.4bn for the financial year 2020. Earnings per share (EPS) amounted to QR0.148 for the year ended December 31, 2021, compared to QR0.042 in the previous year.

During the year, accelerated global