Doha: The total earnings for Qatari-listed companies increased by 1.7 percent during third quarter (Q3) of 2022 year-on-year (y-o-y) to reach $3.32bn as compared to $3.27bn in Q3-2021, according to a report released by Kamco Invest, recently.
Qatar’s banking sector reported a profit growth of 4.8 percent in Q3-2022 that reached $1.9bn accounting for 56.9 percent of the overall exchange profits during the quarter.
QNB reported a net profit increase of 13.1 percent during the quarter reaching $1.1bn compared to a net profit of $951.9m in Q3-2021. The increase in profits was mainly driven by higher net interest income and non-interest income that was partially offset by an increase in provisions during the quarter.
Qatar Islamic Bank reported a net profit of $281m for Q3-2022 as compared to 254.1m for the same period in 2021. Income from financing and investing activities registered a y-o-y growth of 7.6 percent during the quarter to reach $523.3m as compared to $490.9m for the same period of 2021.
Qatar International Islamic Bank reported a net profit of $89.8m for Q3-2022 as compared to $80.9m for the same period in 2021, up by 11.1 percent. Net interest income for the bank increased by 9.8 percent to $102.5m during Q3-2022 as compared with $93.3m achieved in the same period in 2021.
The report further stated that in the Telecom sector, Ooredoo reported net profits of $155.8m in Q3-2022 as compared $53.7m in Q3-2021.The Telco’s revenue grew by 4 percent y-o-y to $5.8bn for Q3-2022 driven by growth in post-paid services, Ooredoo TV and B2B services excluding Indosat Ooredoo. The company’s customer base stood at 55 million subscribers at the end of 9M-2022. Vodafone Qatar reported a net profit of $32.1m for Q3-2022, representing an increase of 76.9 percent y-o-y. Total revenue increased by 24.7 percent y-o-y to reach $597.8m driven by continued growth in the company’s postpaid revenue and fixed broadband services in addition to projects revenue.
The Utilities sector reported the third biggest earnings during the quarter at $153.5m as compared to $106.9m in Q3-2021. Net profits reported by Qatar Electricity & Water Co. surged 43.6 percent to USD 153.5m in Q3-2022 compared to $106.9m in Q3-2021. QEWC reported a revenue of $190m, an increase of 12.2 percent compared to $169.4m during the same period in 2021. Net profits for the energy sector improved by 18.9 percent y-o-y to reach $207.7m supported by the profits reported by Nakilat and Qatar Fuel Company (WOQOD). Nakilat registered a net profit increase of 9.4 percent to reach $110.0m for Q3-22 versus $100.5m for Q3-2021. Qatar Fuel Company posted a net profit increase of 13.2 percent to reach $71m in Q3-2022 versus $62.7m in Q3-2021 mainly driven by increase in sales, it added.
The report also noted that GCC-listed companies witnessed in terms of y-o-y performance net profits continued to show growth in Q3-2022 and was up by almost a quarter to reach $70.7bn as compared to $57.2bn during Q3-2021. Higher profits also reflected better economic performance in the region as compared to last year.
The y-o-y profit improvement was broad-based with more than two-thirds of the sectors showing higher profits during Q3-2022.
