Doha, Qatar: Mesaieed Petrochemical Holding Company (MPHC) held its Annual General Assembly meeting, yesterday.
Chairman of the Board of Directors of MPHC, Ahmad Saif Al Sulaiti said “In 2024, uncertainty and oversupply challenges persisted, complicating margin evolution amid softened global demand.
Energy and commodity prices decelerated as global supply was restored, easing supply chain bottlenecks and allowing producers to restart capacities. This added pressure on global markets and influenced price trajectories.”
Additionally, hawkish monetary policies to combat inflation led to high-interest rates, impacting global GDP, reducing consumer spending, and affecting demand for most commodities.
Despite these hurdles, global downstream demand began to stabilise during the second half of the year.
The supply and demand environment were impacted by several factors throughout the year.
Despite challenging macroeconomic conditions, the Group demonstrated resilience and agility, achieving commendable results throughout 2024, even with segmental shutdowns.
These turnarounds were essential to ensure the long-term reliability and efficiency of our assets, and maintaining our competitive edge in the market.
However, MPHC achieved a net profit of QR719m for the year ended 31 December 2024 and recorded an earnings per share (EPS) of QR 0.057.
Considering the current market projections in both the medium and short terms, as well as our capital spending and operational programs, the Company’s Board of Directors proposes a second half 2024 dividend distribution of QR377m, equivalent to QR0.03 per share. This brings the annual dividend distribution to QR0.057 per share for the full year. This dividend represents a 100% net earnings payout ratio.
