Driven by the impressive performance of banking and financial sector companies, the Qatar Stock Exchange (QSE) listed firms have delivered strong profits in 2021. The combined net profits of 48 companies listed on QSE reached QR43.28bn for the year 2021, registering a 41 percent increase compared to the previous year. The total net profit of QSE listed firms amounted to QR30.68bn in 2020.
Of the total QR43.28bn net profit last year, the share of net profit of banking and financial sector companies was around 54 percent, showing their leading role in index. Total net profits of 12 banking and financial companies amounted to QR23.3bn, accounting for more than half of the total net profits of all listed firms. Net profits of firms in the banking and financial have increased around 13 percent in 2021 compared to a year ago.
Other sectors such as service and consumer goods, industry, insurance, real estate, transport and telecom have also performed positively.
Net profits of companies in the service and consumer goods sector was QR1.83bn last year compared to QR1.27bn in 2020, registering a rise of 45 percent. Companies in the industry sector register a huge rise of around 252 percent as their net profits grew to QR13.19bn in 2021 from QR3.7bn in 2020. The net profits of companies were boosted by the sharp recovery economy witnessed during the second half of last year.
Helped by the vaccination programme, the cases of COVID-19 had declined during the second half of last year which increased the economic activities in the country. Growth in demand encouraged companies to expand their operations which increased their revenues and profits.
Of the total 48 listed companies listed on Qatar Stock Exchange, 13 firms fall in the Banks & Financial Institutions sector. The combined net profits of companies listed on QSE have reached QR33.47bn for the nine months of 2021, showing a surge of over 30 percent compared to the same period the last year. The consistent rise in net profits of the listed companies is fueled by the strong recovery in Qatar’s economy.
