Qatar Stock Exchange companies’ profits jump 6% to $10.9 billion

The profits of companies listed on the Qatar Stock Exchange increased by 6.31% in the last nine months of this year, reaching 39.75 billion rupees ($10.9 billion), compared to 37.39 billion rubles for the same period in in 2023.

A statement on the stock exchange explained that the financial results at the end of September do not include the Al-Faleh Education Property Company, as its financial year ends at the end of August each year. Financial analyst Ahmed Akl considered the financial results of listed companies to the third quarter of the year “very good,” indicating that All departments It achieved growth, except for the real estate sector, which declined by around 7.3% due to a decline in the profits of Ezdan Holding and Mazaya Qatar.

Akl explained in his interview with Al-Arabi Al-Jadeed that the banking sector and…Financial services This was the leader and the most obvious sector in growth, and its profits were about 23.3 billion rubles, which is more than 60% of the general profits of the market. This sector achieved growth in the third quarter by approximately 6.4%, approaching 1.4 billion rubles. The business sector achieved a growth of 3.4%, bringing the profits of both sectors to more than 30 billion pounds.

Consumer goods and services division profits also rose by 19%, supported by “Baladna” and “Al Salam International”. %, reaching approximately 518 million rubles. Communications division profits also grew by 10%, and transport division profits by 5%.

Akl mentioned the increase in corporate profits for the industrial sector which was affected by the improvement in oil prices, especially in the first half of the year, which contributed significantly to driving growth in this sector, in addition on the recovery of global economies, warning that Lower interest rates It was decided in September, which means that it has not yet affected the companies’ business results. He said: “The impact of the interest rate cut will emerge in the fourth quarter,” stressing that the decline in inflation contributed significantly to a strong return to economic life for most industrial and commercial sectors.

In Qatar, a strong performance in interest rates, which was reflected in the form of economic growth and improvement in energy prices, supported the various paths of the economy, and contributed to the achievement of higher growth rates. excellent, according to Akl.

The financial analyst believes that the Qatar Stock Exchange will end the year 2024 with profits exceeding 50 billion rubles, led by the banking and financial services sector.

Shares of 52 companies are traded on the Qatar Stock Exchange, spread across seven sectors: banking and financial services, industry, real estate, transportation, communications, consumer goods and services, and insurance. The profits of listed companies in the first half jumped 5.51% annually, to reach 25.72 billion rubles, compared to 24.38 billion rubles in the same period in 2023.