The combined net profit of companies listed on Qatar Stock exchange (QSE) has reached QR23.8bn in the third quarter of the current year. Currently total 47 companies are listed on Qatar’s bourse.  

“All of QSE listed companies have disclosed their financial results for the period ended September 30, 2020. The results show a net profit of QR23.8bn compared to QR28.9bn for the same period last year, with a decrease of 17.91 percent,” said Qatar Stock Exchange on its website.

Companies have reported profits amid challenges posed by COVID-19 pandemic. Despite testing environment, Qatari companies have managed to deliver profits by optimising their operating cost and taking other prudent measures. 

The combined net profit of QSE listed companies had reached QR8.3bn at the end of first quarter (March 31, 2020) of this year and QR19.6bn at the end of second quarter (June 30, 2020).

Of the total 47 listed companies listed on Qatar Stock Exchange, 13 firms fall in the Banks & Financial Institutions sector. In terms of amount, this sector has come in the top. The Banks & Financial Institutions sector witness net profit of QR16.9bn. Banking major QNB Group led the pack, as its net profit for the first nine months this financial year ended September 30, reached QR9.5bn ($2.6bn). 

The Industrial Sector came second in terms of net profits, as the combined net profit of companies in this sector reached QR2.68bn. The Transport sector came third in terms profitability as net profit of companies in this sector reached QR1.5bn. 

The Telecom Sector posted QR1.6bn net profit, helped by solid performance by Ooredoo and Vodafone Qatar. 

Ooredoo Group reported net profit of QR1.5bn for the first nine months of 2020, an increase of 16 percent compared to the same period last year, mainly driven by more favorable Foreign Exchange environment.

Vodafone Qatar posted net profit of QR127m for the nine months ended September 30, reflecting strong growth of 17 percent from the same period last year helped by higher EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization).

The combined net profits of companies in the real estate sector reached QR1.04bn while net profits of companies in Transport Sector reached QR1.5bn.

SOURCE: THEPENINSULAQATAR