Qatari-listed companies total earnings up 28% to $3.7bn in Q1 – The Peninsula

Qatari-listed companies total earnings up 28% to $3.7bn in Q1 – The Peninsula

The total earnings for Qatari-listed companies increased by 28 percent during the first quarter (Q1) of this year to reach $3.7bn as compared to $2.9bn in Q1, 2021. Also the earnings reported by GCC-listed companies reached a new record level during Q1, 2022 backed by a broad-based quarter on quarter (q-o-q) growth in profits across all sectors according to Kamco Invest report.

Qatar’s Banking sector reported a profit growth of 9.1 percent in Q1, 2022 that reached $1.8bn accounting for 48.5 percent of the overall exchange profits during the quarter.

“QNB reported a net profit increase of 10.4 percent in Q1, 2022 reaching $990.4m compared to a net profit of $896.9m. The bottom-line improvement was driven by strong growth in net interest income and a relatively smaller increase in non-interest income that more than offset a 39 percent increase in provisions during the quarter,” the report noted.

The Capital Goods sector reported the second biggest earnings during the quarter at $782.9m as compared to $428.3m in Q1, 2022. Net profits reported by Industries Qatar surged 89.5 percent to $740.5m in Q1, 2022 compared to $390.8m in Q1, 2021. Sales volumes for the quarter increased by 9 percent, primarily driven by higher plant operating