The Qatar Stock Exchange (QSE) listed firms cumulatively reported net profit of QR8.39bn in January-March (Q1) this year with the banking and financial services sector alone contributing 71% to it, according to the bourse data.
"This indicates the strength of our listed companies in the face of exceptional circumstances," QSE chief executive officer Rashid bin Ali al-Mansoori tweeted on Sunday.
The overall net profitability was down more than 20% year-on-year, although the effects of the Covid-19 have not been fully accounted for in the review period. The industrials and real estate sectors were by and large responsible for the slowdown in the cumulative net profitability in the review period.
During the first quarter of this year, the lone sector that witnessed increase in the net profitability was transport, whose cumulative net earnings grew about 7% year-on-year to QR0.61bn but reflecting slowdown from 8.16% expansion in the corresponding quarter of 2019. The sector has three listed constituents and its net profit constituted 7% of the total net profit of the listed companies.
The banks and financial services sector, which has 13 listed entities, reported 3.47% year-on-year decline in cumulative net profit to QR5.96bn against 3.96% growth in the comparable period of 2019.
The industrials sector, which has 10 listed constituents, witnessed a huge 50.61% year-on-year contraction in net profitability to QR0.8bn against 34.27% decrease in the year-ago period. The sector contributed 10% to the overall net profitability of the listed entities in the review period.
The consumer goods sector, which has 10 listed entities, witnessed a 33.17% year-on-year decline in cumulative net profit to QR0.35bn at the end of March 30 compared to a 0.32% fall in the previous year period. The sector contributed 4% to the overall net profitability in the review period.
The realty segment, which has four listed entities, saw a 58.48% year-on-year in net earnings to QR0.35bn during the first three months of this year against an 18.06% growth in the year-ago period. The sector constituted 4% of the overall net profitability in the review period.
The telecom sector saw its Q1 net profit decline 6.32% to QR0.43bn. The sector contributed 5% to overall net profit in the review period.
The insurance sector, which has five listed companies, reported a cumulative net loss of QR0.8bn compared with net gains of QR0.34bn in the corresponding period of 2019.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Opec+ agrees deep cuts to oil output despite US pressure
Al-Kaabi receives ‘Energy Executive of the Year’ award in London
Spotlight again on ‘80:20’ airport slot system as airlines stage recovery
Qatar’s historic ICAO Council election
QSE benchmark edges down amid selling pressure
Czech Republic attaches great importance to Amir's visit, says minister of industry and trade
Non-oil private sector gains momentum; World Cup lifts sentiments to 12-month high: QFC PMI
Game Jolt, Invest Qatar, Quest Esports and AWS launch $20,000 ‘World Cup Game Jam’ prize
Qatar's two-one star hotels see improved rooms' yield year-on-year in August: PSA