Mesaieed Petrochemical Holding's (MPHC) net profit more than tripled year-on-year to QR1.9bn during 2021, on improved macroeconomic environment and higher energy prices.
The board of MPHC – the holding entity of Q-Chem, QChem-II and Qatar Vinyl Company – has suggested a total QR1.38bn dividend for 2021, representing a payout ratio of 74% of 2021 net earnings. A QR0.11 per share payout represents a dividend yield of 5.3% on the closing share price as of December 31, 2021.
Earnings per share (EPS) amounted to QR 0.148 for the year ended December 31, 2021, compared to QR0.042 the previous year.
Ahmad Saif al-Sulaiti, chairman, MHPC said the main highlight of 2021 was a sequential macroeconomic recovery, which led to report one of the strongest set of financial results.
"Going forward, we will continue to focus on productivity and achieving efficiency gains, while selectively invest in capital projects that would increase our competitiveness and create shareholder value,” al-Sulaiti said.
During 2021, the average blended product prices increased 52% against 2020, translating into an increase of QR1.3bn in MPHC’s net earnings. Renewed product demand, supplemented by supply constraints, resulted in the improved commodity prices.
MPHC’s operations continue to remain robust and resilient with total production for the period reaching 1.14mn tonnes, up 9% versus 2020, mainly attributed to improved plant operating rates, despite a planned preventive maintenance shutdown, which was carried out at the chlor-alkali facilities during the fourth quarter of 2021.
Sales volumes increased by 7% year-on-year, driven by improved plant operating rates and healthy product demand. The overall growth in sales volumes translated into an increase of QR191mn in MPHC’s net earnings.
Liquidity remained robust with cash and bank balances at QR3.9bn during 2021. Total assets amounted to QR17.4bn and total equity QR17.1bn.
The petrochemicals segment reported a net profit of QR1.4bn for 2021, up 201% versus 2020, primarily driven by improved product prices owing to improved macro environment and supply shortages.
The increase in product prices, coupled with improved sales volumes, led to an overall 60% growth in revenues to QR2.9bn during 2021.
The chlor-alkali segment reported a 281% year-on-year surge in net profit to QR476mn for 2021, primarily driven by a significant improvement in blended average selling prices, which rose 71%, complemented by renewed demand of end products (PVC, alumina/aluminium, polymers) on the back of constructive macroeconomic drivers and supply shortages. Overall, revenue grew by 70% to QR1bn in the review period.
Earnings per share (EPS) amounted to QR 0.148 for the year ended December 31, 2021, compared to QR0.042 the previous year.
Ahmad Saif al-Sulaiti, chairman, MHPC said the main highlight of 2021 was a sequential macroeconomic recovery, which led to report one of the strongest set of financial results.
"Going forward, we will continue to focus on productivity and achieving efficiency gains, while selectively invest in capital projects that would increase our competitiveness and create shareholder value,” al-Sulaiti said.
During 2021, the average blended product prices increased 52% against 2020, translating into an increase of QR1.3bn in MPHC’s net earnings. Renewed product demand, supplemented by supply constraints, resulted in the improved commodity prices.
MPHC’s operations continue to remain robust and resilient with total production for the period reaching 1.14mn tonnes, up 9% versus 2020, mainly attributed to improved plant operating rates, despite a planned preventive maintenance shutdown, which was carried out at the chlor-alkali facilities during the fourth quarter of 2021.
Sales volumes increased by 7% year-on-year, driven by improved plant operating rates and healthy product demand. The overall growth in sales volumes translated into an increase of QR191mn in MPHC’s net earnings.
Liquidity remained robust with cash and bank balances at QR3.9bn during 2021. Total assets amounted to QR17.4bn and total equity QR17.1bn.
The petrochemicals segment reported a net profit of QR1.4bn for 2021, up 201% versus 2020, primarily driven by improved product prices owing to improved macro environment and supply shortages.
The increase in product prices, coupled with improved sales volumes, led to an overall 60% growth in revenues to QR2.9bn during 2021.
The chlor-alkali segment reported a 281% year-on-year surge in net profit to QR476mn for 2021, primarily driven by a significant improvement in blended average selling prices, which rose 71%, complemented by renewed demand of end products (PVC, alumina/aluminium, polymers) on the back of constructive macroeconomic drivers and supply shortages. Overall, revenue grew by 70% to QR1bn in the review period.