Despite economic stagnation, companies on the Qatar Stock Exchange show upward climb since easing of lockdown.
Companies on the Qatar Stock Exchange (QSE) have disclosed a combined profit of QR23.8bn in the third quarter of 2020 since easing of the government-imposed lockdown, despite economic challenges due to the COVID-19 pandemic.
The third quarter profit is a QR4.2bn increase since the second quarter of 2020, which showed a profit of QR19.6bn and a whopping QR15.5bn increase since the first quarter, where the profit was QR8.3bn.
However, there has been a 17.91% decrease in the net profit when compared to the same period last year, according to the Qatar Stock Exchange website.
Read also: Qatar Stock Exchange ‘dragged below 10,000 levels’: report
Banks and financial institutions make up 13 of the 47 total companies listed on QSE and witnessed a net profit of QR16.9bn. Qatari banking giant QNB Group led the pack, as its net profit for the first nine months this financial year ended September 30, reached QR9.5bn ($2.6bn).
The industrial sector came second with a combined net profit of QR2.68bn, followed by the transport sector with QR1.5bn and the real estate sector with QR1.04bn.
Ooredoo Group reported a net profit of QR1.5bn for the first nine months of 2020, an increase of 16 percent compared to the same period last year, driven by a more favourable foreign exchange environment.
Follow Doha News on Twitter, Instagram, Facebook and Youtube