DOHA: Driven by the impressive performance of banking and financial sector companies, the Qatar Stock Exchange (QSE) listed firms have delivered strong profits in 2024.
The combined net profits of 50 companies listed on QSE reached QR51.18bn for the year 2024, registering a 8.7 percent increase compared to the previous year. The total net profit of QSE listed firms amounted to QR47.08bn in 2023.
According to data published on its website yesterday, QSE said that all QSE listed companies (excluding Al Faleh Educational Holding Company, which announces its results on August 31 of each year) have disclosed their annual financial results for the year ended December 31, 2024.
The total net profit of 13 banking and financial companies amounted to QR30.306bn, 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 6 percent in 2024 compared to a year ago.
Other sectors such as service and consumer goods, industry, real estate, transport and telecom have also performed positively.
The net profit of companies in the service and consumer goods sector was QR1.673bn last year compared to QR1.511bn in 2023, registering a rise of 10.74 percent. Companies in the industry sector witnessed net profit of QR9.226bn in 2024 from QR9.436bn in 2023.
Meanwhile the total net profit of insurance companies amounted to QR1.313bn while the net profit of firms in the real estate reached QR1.697bn, telecoms stood at QR4,036bn and transport at QR2.931bn in last year.
The Qatar Stock Exchange (QSE) index closed the current week down 1.070 points, losing 110.730 points, to stand at 10,232 points under pressure of six sectors as the real estate sector recorded the largest losses, at 3.760 percent, while the transportation sector achieved the largest gains, at 0.71 percent.
While companies listed on the QSE posted double-digit earnings growth during fourth quarter (Q4) of 2024 and upper-single-digit profit expansion for the full year, the market has continued to move sideways. “We believe the continued growth in earnings without a commensurate increase in the index level enhances the relative valuation case of the Qatari bourse further noted QNB Financial Services (QNBFS) Earnings Review.
