MPHC became a Qatar Stock Exchange listed entity in February this year. Its shares are now trading at QR36.4.


Mesaieed Petrochemical Holding Company (MPHC), which recently became a publicly listed company after its successful initial public offering, has reported a net profit of QR463.76mn in the first three months of this year.

Its share of profit from joint ventures (Q-Chem I, Q-Chem II and Qatar Vinyl Company) was QR453.08mn, about 98% of the parent’s net profit, according to its financial statement.

The profit of Q-Chem I stood at QR179.68mn, Q-Chem II at QR265.26mn and Qatar Vinyl Company at QR8.15mn. MPHC has 49% stake each in Q-Chem I and Q-Chem II, and 55.2% in Qatar Vinyl Company.

This is the first quarterly results announcement of MPHC, having become a Qatar Stock Exchange listed entity in February this year.

The company had booked QR13.22mn as tax refund and there was net other income of QR0.58mn.

Total assets were valued at QR13.74bn, comprising current assets of QR0.53bn and non-current assets of QR13.21bn, which are its investments in joint ventures.

MPHC’s investments in Q-Chem I amounted to QR4.84bn (37%), Q-Chem II QR7.02bn (53%) and Qatar Vinyl Company QR1.35bn (10%).

Total equity stood at QR13.64bn on a capital base of QR12.56bn and earnings-per-share was QR0.37 at the end of March 31, 2014.

MPHC, a subsidiary of Qatar Petroleum, had offered 323.19mn shares at QR10.2 a piece through its QR3.2bn IPO, which was oversubscribed five times.

The MPHC share offer is part of the series of IPOs planned by the government to encourage long-term savings and investments by Qatari nationals.

The MPHC shares, which vaulted more than seven times its offer price of QR10 on the listing day, is now trading at QR36.4.

Foreign institutional investors had rather adopted a “wait-and-watch” policy on their exposure to MPHC in view of the lack of historical data for the company.

The last time when the Qatari bourse witnessed the advent of a QP subsidiary was in 2008 through the listing of Gulf International Services, a holding company of Gulf Drilling International, Gulf Helicopters, Al Koot and Amwaj.