MPHC reports a net profit of QR 909 million for the six-month period ended 30 June 2021 zawya.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zawya.com Daily Mail and Mail on Sunday newspapers.
MPHC posts QR532m net profit for 2020
05 Mar 2021 - 9:13
The Peninsula
Mesaieed Petrochemical Holding Company (‘MPHC’ or ‘the Group’), one of the region’s premier diversified petrochemical conglomerates, yesterday announced a net profit of QR532m for the year ended December 31, 2020. Macroeconomic headwinds continued to weigh on the business performance of the Group during the year 2020, amid slower economic growth on account of weaker crude oil environment and COVID-19 pandemic. All of this led to increased pressure on MPHC’s product prices, and negatively affected the Group’s performance for the financial year 2020.
There have been signs of gradual recovery of the global economy noted in the later part of the year, with notable recoveries in product prices on the back of crude price rebound, continuous unprecedented stimulus announcements while lifting of lockdowns in major markets, supplemented by notable optimism around the vaccine roll-out. MPHC responded b