QSE-listed companies’ nine-month net profit surges 36%

QSE-listed companies’ nine-month net profit surges 36%

Optimistic economic projections, robust vaccination drive and easing of the Covid-19 restrictions have helped the listed firms post a strong double-digit year-on-year growth in the overall net earnings during the first nine months (9M) of 2021; indicating the resiliency of the corporate sector.

The net earnings' growth has been mainly on account of robust expansion in the net profitability of the insurance, industrials and consumer goods sectors, according to data compiled by the Qatar Stock Exchange.

The listed companies' total net profit soared 35.86% year-on-year to QR33.48bn during January-September 2021 against a 17.26% decline the year-ago period; reflecting the positive sentiments in Qatar, which is better placed in the Gulf region in the fight against the pandemic.

The resumption of business activities after the beginning of the easing of pandemic related restrictions, especially during the second quarter, had its reflection in the subsequent quarter too, helping in the overall earnings growth during 9M-21.

The banking and financial services and industrials sectors together contributed more than 86% of the cumulative net profits in the review period; hinting at the strong outlook for the non-hydrocarbons.

The insurance sector, which has six listed entities, reported a 524.61% surge year-on-year in total profit to QR0.8bn in 9M-21 against a