Mesaieed Posts 428 Million Riyal Net Loss in First Nine Months of 2026
Key Facts
Mesaieed Petrochemical Holding Company posted a net loss of 428 million Qatari riyals for the nine months ended Sept. 30, 2026, compared with a net profit of 520 million riyals in the same period of 2025, according to the company’s financial statements. Earnings per share recorded a loss of 0.034 riyal during the period. The figures are cumulative for the nine months and do not represent a loss for the third quarter alone. The comparison shows the company’s annual result reversing as revenue and production declined. Third-quarter data also showed continued weakness in plant operations compared with the previous quarter.
Mesaieed’s revenue totaled 725 million riyals in the first nine months of 2026, versus 2.067 billion riyals in the same period a year earlier, a decline of 65%, according to data reported by ICIS. The company’s production fell 64% year on year, while its plant operating rate dropped to 43% from 104% a year earlier. On a quarterly basis, the operating rate fell to 15% in the third quarter from 20% in the second quarter. The company reported a net loss of 183 million riyals in the first half, as part of cumulative results for the six months ended June 30. The comparison shows operating weakness continued in the third quarter, after the operating rate reached 49% in the first half, versus 105% a year earlier.
The petrochemicals business was hit by declines in both prices and volumes, with average selling prices down 3% in the nine-month period and sales volumes falling 68%, according to ICIS. The segment’s revenue declined 69% year on year, and it posted a net loss of 342 million riyals. The company said the overall impact of prices on earnings was positive despite the decline in average selling prices for petrochemicals. It attributed this to the launch of a higher-value polyvinyl chloride product and improved prices for chlor-alkali products. This effect partly helped limit the impact of lower petrochemical prices, but did not prevent a segment loss as sales volumes and production fell.
In the chlor-alkali segment, the net loss widened to 52 million riyals in the period from January to September 2026, as production and sales volumes declined compared with the same period a year earlier. The company said fixed operating costs continued to weigh on margins despite lower production and sales, particularly in the petrochemicals segment. This highlights the impact of lower operating rates on results, as fixed costs remained while the quantities produced and sold contracted. The company said production adjustments continued amid the regional conflict, reducing output in both segments. Lower sales volumes also reflected ongoing logistical disruptions, according to ICIS, citing the company.
First-half indicators showed revenue of 605 million riyals, compared with 1.411 billion riyals in the first half of 2025, as production fell 53% and the plant operating rate declined to 49% from 105%. By the end of the nine-month period, annual production was down 64%, and the operating rate had fallen to 43% on a cumulative basis, while the quarterly rate in the third quarter reached 15%. These figures show operating activity continued to contract between the first half and the third quarter, despite the indicators measuring different periods. The company had scheduled an investor call for Nov. 2 to present its results and discuss business developments. The call date had passed by the publication date, and the available information did not include further details about what was discussed.