By Satish Kanady
DOHA: The combined net profit of Qatar’s publicly traded firms stood at QR21.65bn in the first half (January-June) of this year, down 10.36 percent compared to QR24.15bn posted over the same period of 2015.
A preliminary reading of the net earnings of the listed companies for first half of 2016 found that only banks and telecom companies (read Ooredoo-Vodafone Qatar’s financial year is from April to March) added profits during the period.
Of the seven sectors the listed entities are grouped into, banks’ collective profits stood at QR10.69bn, up 3.50 percent compared to QR10.33bn from a year ago. QIB’s profit surged the most by 17.90 percent on year-on-year. QNB is up by 11.80 percent. Telecom sector, with Ooredoo being the only of the two entities to have reported H1 2016 financials, recorded QR1.36bn compared to QR902m for the first half of 2015.
Net profits of real estate companies witnessed the deepest fall. The combined profits of real estate companies fell by 48.80 percent, with Barwa declining the most by 65.18 percent. Net earnings of real estate companies plunged to QR2.52bn from QR4.92bn a year ago. Ezdan was up by 8.04 percent.
The industrial sector suffered a massive beating as its net earnings dropped 14.27 percent compared to H1 of last year. Major losers in the sector were bellwether Industries Qatar (IQ) and Gulf International. The combined net profit of the companies in this sector decreased to QR4.38bn from QR5.12bn over a period of one year.
The services and consumer goods sector’s net profit fell 6.05 percent to QR772m. The insurance sector with five listed entities reported a drop of 7.96 percent in net earnings, to QR759m from 825mm in the first half of 2015. Transport sector companies showed 6.06 percent loss as the combined net profits of the three companies fell to QR1.15bn from QR1.22bn.
The Peninsula
By Satish Kanady
DOHA: The combined net profit of Qatar’s publicly traded firms stood at QR21.65bn in the first half (January-June) of this year, down 10.36 percent compared to QR24.15bn posted over the same period of 2015.
A preliminary reading of the net earnings of the listed companies for first half of 2016 found that only banks and telecom companies (read Ooredoo-Vodafone Qatar’s financial year is from April to March) added profits during the period.
Of the seven sectors the listed entities are grouped into, banks’ collective profits stood at QR10.69bn, up 3.50 percent compared to QR10.33bn from a year ago. QIB’s profit surged the most by 17.90 percent on year-on-year. QNB is up by 11.80 percent. Telecom sector, with Ooredoo being the only of the two entities to have reported H1 2016 financials, recorded QR1.36bn compared to QR902m for the first half of 2015.
Net profits of real estate companies witnessed the deepest fall. The combined profits of real estate companies fell by 48.80 percent, with Barwa declining the most by 65.18 percent. Net earnings of real estate companies plunged to QR2.52bn from QR4.92bn a year ago. Ezdan was up by 8.04 percent.
The industrial sector suffered a massive beating as its net earnings dropped 14.27 percent compared to H1 of last year. Major losers in the sector were bellwether Industries Qatar (IQ) and Gulf International. The combined net profit of the companies in this sector decreased to QR4.38bn from QR5.12bn over a period of one year.
The services and consumer goods sector’s net profit fell 6.05 percent to QR772m. The insurance sector with five listed entities reported a drop of 7.96 percent in net earnings, to QR759m from 825mm in the first half of 2015. Transport sector companies showed 6.06 percent loss as the combined net profits of the three companies fell to QR1.15bn from QR1.22bn.
The Peninsula
