Ahmad Saif Al Sulaiti (centre), Chairman of Mesaieed Petrochemical Holding Company, addressing at the AGM of the company held at the Sheraton Grand Doha Resort & Convention Hotel in Doha yesterday. Picture by: Salim Matramkot/The Peninsula
Qatar’s leading petrochemical Group, Mesaieed Petrochemical Holding Company (MPHC) reported a net profit worth QR1.8bn for the financial year ended December 31, 2022, and recorded earnings per share (EPS) of QR0.141. During the Ordinary General Assembly Meeting held yesterday at the Sheraton Hotel, the board of directors proposed to pay a total annual dividend distribution of QR1.38bn equivalent to a payout of QR0.11 per share, representing a payout ratio of 78 percent of net earnings for 2022.
In addition to approving the financial report, the board of directors also approved the auditor’s report on MPHC’s financial statement, presented and approved the 2022 Governance report, and approved the board’s recommendation for a dividend payment of QR0.11 per share for 2022, representing 11 percent of the nominal value share.
In a statement, MPHC, Chairman of the Board of Directors Ahmad Saif Al-Sulaiti said that “2022 was marked by volatilities where high energy prices drove record inflation, and impacted demand for commodities. Lockdowns in China also pressured both consumer spending and infrastructure investments. Also, geopolitical tensions continue to weigh on commodity markets at a global scale.”
“While macroeconomic sentiments remained wavered, MPHC focused on operational excellence and sustainable growth. Operational excellence was mainly driven by the constant optimisation focus of our processes while improving our plant reliability and asset integrity. On the sustainability front, we continue our efforts towards reducing our environmental footprints, while building our operations with a focus on energy efficiency and conservation pillars,” he added.
Acting Manager Privatized Companies Affairs Dept., QatarEnergy Abdulla Yaaqob Al Hay said during the year 2022, the macroeconomic climate remained wavered marked by geopolitical conflicts and recessionary fears linked to inflationary pressures and a higher interest rate environment.
“Overall, commodity prices declined from the peaks reached during the latter part of last year, especially within the petrochemicals segment, mainly due to a cautious approach from buyers on account of market uncertainty,” he added.
The leading petrochemical firm will also be carrying out operations in the new PVC plant equivalent to its percentage of shareholding in QVC, which is 55.2 percent.
Thus, the Group will remain the largest shareholder in QVC, following the expiry of the current joint venture agreement (JVA) due on 1st May 2026.
