Mesaieed Petrochemical Holding (MPHC) – a holding company of Q-Chem, Q-Chem II and Qatar Vinyl Company – has reported a net profit of QR520mn for the nine-month (9M) ended September 30, 2025.
MPHC’s operational performance has remained strong and adaptive, with overall production levels showing an improvement (+8%) in 9M-2025 from both segments, primarily attributed to enhanced plant reliability and increased operational efficiencies.
However, net earnings fell 8% on an annualised basis, driven by lower average selling prices (-6%), negatively impacting revenue (-2%) to QR2.07bn. This price weakness was largely attributable to prevailing macroeconomic headwinds, softer global demand conditions, and overall market volatility.
MPHC however achieved higher sales volumes (+4%) versus 9M-2024, supported by improved operational performance across both segments, contributing significantly to the overall volume growth.
In line with the revenue decline, Ebitda (earnings before interest, taxes, depreciation and amortisation) shrank 18% against 9M-2024, on weaker top-line performance. Ebitda margins narrowed to 39%, reflecting the impact of reduced average selling prices across both segments.
MPHC maintained a strong liquidity position, reflected in healthy cash and bank balances (of QR3.3bn).
However, these balances fell, primarily due to the distribution of final dividends for 2024, the interim dividend for the first half of 2025, and MPHC’s financial contribution towards the PVC project. This reduction was partially offset by robust cash flow generation throughout the current reporting period.
The petrochemical segment's net profit was QR477mn in 9M-2025, a 21% jump year-on-year despite challenging market backdrop. Strong operational execution — marked by higher production (+14%) and sales volumes (+9%) — combined with disciplined cost management to drive this performance. Revenues rose 3% year-on-year to QR1.57bn in 9M-2025.
The chlor-alkali segment reported a net loss of QR14mn in January-September 2025 compared with net profit of QR68mn a year-ago period. The downturn was primarily driven by lower average selling prices (-15%), which fell to levels last seen during the peak of the Covid-19 pandemic.
The price weakness was fuelled by persistent macroeconomic pressures, sluggish downstream demand, and reduced construction and industrial consumption. Additionally, elevated global inventory levels and declining crude prices further weighed on market sentiment.
Sales volumes recorded a marginal decline (of 1%) despite higher (1%) production supported by improved plant availability and stronger operational performance. However, severe market challenges pushed the segment into a net loss position in 9M-2025, further pressuring margins.
Highlighting that the global petrochemical industry faced significant challenges in 9M-2025, driven by structural overcapacity, weak demand, and rising sustainability pressures; MPHC said post-pandemic investments in new ethylene crackers, polyethylene, and derivative units have far outpaced demand growth, pushing operating rates for base chemicals like ethylene and propylene to multi-decade lows.
MPHC’s operational performance has remained strong and adaptive, with overall production levels showing an improvement (+8%) in 9M-2025 from both segments, primarily attributed to enhanced plant reliability and increased operational efficiencies.
However, net earnings fell 8% on an annualised basis, driven by lower average selling prices (-6%), negatively impacting revenue (-2%) to QR2.07bn. This price weakness was largely attributable to prevailing macroeconomic headwinds, softer global demand conditions, and overall market volatility.
MPHC however achieved higher sales volumes (+4%) versus 9M-2024, supported by improved operational performance across both segments, contributing significantly to the overall volume growth.
In line with the revenue decline, Ebitda (earnings before interest, taxes, depreciation and amortisation) shrank 18% against 9M-2024, on weaker top-line performance. Ebitda margins narrowed to 39%, reflecting the impact of reduced average selling prices across both segments.
MPHC maintained a strong liquidity position, reflected in healthy cash and bank balances (of QR3.3bn).
However, these balances fell, primarily due to the distribution of final dividends for 2024, the interim dividend for the first half of 2025, and MPHC’s financial contribution towards the PVC project. This reduction was partially offset by robust cash flow generation throughout the current reporting period.
The petrochemical segment's net profit was QR477mn in 9M-2025, a 21% jump year-on-year despite challenging market backdrop. Strong operational execution — marked by higher production (+14%) and sales volumes (+9%) — combined with disciplined cost management to drive this performance. Revenues rose 3% year-on-year to QR1.57bn in 9M-2025.
The chlor-alkali segment reported a net loss of QR14mn in January-September 2025 compared with net profit of QR68mn a year-ago period. The downturn was primarily driven by lower average selling prices (-15%), which fell to levels last seen during the peak of the Covid-19 pandemic.
The price weakness was fuelled by persistent macroeconomic pressures, sluggish downstream demand, and reduced construction and industrial consumption. Additionally, elevated global inventory levels and declining crude prices further weighed on market sentiment.
Sales volumes recorded a marginal decline (of 1%) despite higher (1%) production supported by improved plant availability and stronger operational performance. However, severe market challenges pushed the segment into a net loss position in 9M-2025, further pressuring margins.
Highlighting that the global petrochemical industry faced significant challenges in 9M-2025, driven by structural overcapacity, weak demand, and rising sustainability pressures; MPHC said post-pandemic investments in new ethylene crackers, polyethylene, and derivative units have far outpaced demand growth, pushing operating rates for base chemicals like ethylene and propylene to multi-decade lows.