RIYADH: Listed companies in Qatar saw a 5.5 percent increase in profits, reaching 25.73 billion Qatari riyals ($7.043 billion) in the first half of 2024, up from 24.38 billion riyals during the same period in 2023.
The banking and financial services sector led this growth, contributing 14.9 billion riyals, which represents approximately 58 percent of the total profits, according to the Qatar Stock Exchange.
The industrial sector followed with profits of 4.645 billion riyals, while the telecommunications sector generated 2.164 billion riyals in profits.
Significant growth was observed in the consumer goods and services sector, which saw a 22.7 percent increase in net profits. Conversely, the real estate sector experienced a decline, with profits falling by 12.32 percent.
In the first quarter of 2024, Qatari-listed companies reported a 6.2 percent year-on-year increase in total earnings, reaching $3.6 billion, up from $3.4 billion in Q1 2023.
This increase was primarily driven by growth in the banking, capital goods, and energy sectors. The banking sector alone saw a 9.4 percent profit increase, reaching $2.1 billion, which constituted 57.6 percent of the total profits for the quarter, according to a report by Kamco Invest.
QNB reported a net profit of $1.14 billion for Q1 2024, marking a 7.1 percent increase from the same period in 2023. This growth was supported by an 11 percent rise in operating income, which climbed to $2.8 billion. Additionally, customer deposits grew by 6 percent, and loans and advances increased by 7 percent, reaching $241.7 billion and $238.1 billion, respectively.
According to the latest Purchasing Managers’ Index survey from Qatar Financial Centre, compiled by S&P Global, Qatar’s non-energy private sector continued to expand into the second half of 2024. Both output and new orders increased at solid rates, aligning with long-term survey trends.
Companies showed greater confidence in their 12-month outlook and made significant progress in reducing outstanding work, with backlogs declining the most since January 2023.
Overall cost pressures remained subdued, as higher purchase prices were partially offset by lower staffing costs, resulting in stable prices for goods and services.
