Mubasher: Mesaieed Petrochemical Holding on Tuesday reported a 67.9% year-on-year surge in profits for the first quarter of 2018, recording a net profit of QAR 356.65 million ($97.97 million) from QAR 212.32 million ($58.32 million).
Earnings per share (EPS) amounted to QAR 0.28 in the three-month period ended March 2018, compared to QAR 0.17 for Q1-17, according to a bourse filing.
The company attributed the growth in profit to improved sales volumes, as some of its plants had seen planned maintenance shutdowns last year.
Higher profits were also driven by improved selling prices by circa 5%, as well as by the recognition of a tax refund of around QAR 34 million for the quarter.
Mesaieed had previously posted a net profit of QAR 1.1 billion for the full-year 2017, rising 9% year-on-year.
