Consumer goods and banks’ net earnings growth boost QSE listed firms’ net profit to QR13bn in Q1
Considerable growth in net earnings of consumer goods and banking sectors helped the listed companies’ total net profits reach QR13.1bn in the first quarter of 2024, according to Qatar Stock Exchange data.
according to the Qatar Stock Exchange (QSE) data.
The industrials sector was seen bettering its net earnings in Q1-2024, which saw total net profits of the listed companies grow 5.83% against a 10.04% decline the comparable period of 2023.
The consumer goods and services sector, which has 11 listed entities, saw a 29.51% year-on-year jump in net profit to QR481.14mn in January-March 2024 compared to a 17.54% dip the year ago period. The sector contributed 3.66% to the overall net profitability in the review period.
The banks and financial services sector, which has 13 listed entities, reported a 9.42% year-on-year increase in net profit to QR7.55bn against a 1.47% jump the previous year period. The sector contributed 57.63% of the total net profits of the listed companies in Q1-2024.
The banking and financial services and the industrials sectors together contributed more than three-fourth of the total net earnings of the listed companies in the first three months of 2024.
The industrials sector, which has 10 listed constituents, saw a marginal 0.11% year-on-year growth in net profit to QR2.38bn in January-March 2024 against a 44.18% decline the year-ago period. The sector contributed 18.17% to the overall net profitability of the listed entities in the review period.
The real estate sector, which has four listed entities, saw a 2.17% year-on-year contraction in net earnings to QR413.25mn in Q1-2024 against 10.43% shrinkage the previous-year period. The sector constituted 3.13% of the overall net profitability in the review period.
The insurance sector, which has seven listed constituents, reported a 3.37% growth year-on-year to QR377.57mn compared to 79%surge in the comparable period of 2023. The sector contributed 2.98% of the overall net profits of the listed companies in the review period.
The transport sector, which has three listed constituents, saw its net earnings grow 1.9% year-on-year to QR835.82mn compared to a 2.61% jump in the corresponding period of 2023. The sector contributed 6.41% to the total net profits in January-March 2024.
The telecom sector, which has two listed constituents, saw a 2.83% decline in total net profit to QR1.06bn in January-March 2024 compared to a 40.56% increase the year-ago period. The sector contributed 8.09% of the overall net profits in the review period.
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