Doha: The total earnings for Qatari-listed companies increased by 41.2 percent during the second quarter (Q2) of this year to reach $3.8bn as compared to $2.7bn in Q2, 2021. Also, the earnings reported by GCC-listed companies reached a new record level during Q2, 2022 backed by a broad-based quarter on quarter (q-o-q) growth in profits across all sectors according to Kamco Invest report.
Qatar’s banking sector reported a profit growth of 11.1 percent in Q2, 2022 that reached $1.9bn accounting for 48.6 percent of the overall exchange profits during the quarter. The report noted “QNB reported a net profit increase of 13.5 percent during the quarter reaching $1.06bn compared to a net profit of $933.8m in Q2, 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 $261.6m for Q2, 2022 as compared to 227.9m for the same period in 2021. Income from financing and investing activities registered a y-o-y growth of 6.6 percent during the quarter to reach $523.3m as compared to $490.9m for the same period of 2021. Commercial Bank of Qatar reported a net profit of $216.6m for Q2, 2022 as compared to 195.3m for the same period in 2021, up by 10.9 percent,” it added.
In the Telecom sector, Ooredoo’s reported net profits during the quarter reached $222.2m as compared to a net loss of $309.9m in Q2, 2021 as the company had booked losses related to one of its subsidiaries during Q2, 2021. The Telco’s revenue grew by 4 percent y-o-y to $3.02 bn in H1, 2022 driven by growth in post-paid services, Ooredoo TV and B2B services.
Vodafone Qatar reported a net profit of $29.7m for Q2, 2022, representing an increase of 61.7 percent y-o-y. Total revenue increased by 22.1 percent y-o-y to reach $193.7m for Q2, 2022, representing an increase of 61.7 percent y-o-y.
The report stated that the Capital Goods sector reported the third biggest earnings during the quarter at $845.4m as compared to $592.1m in Q2, 2022. The materials sector posted a net profit of $282.8m in Q2, 2022 compared to a net profit of $202.1m driven by higher profits reported by QAMCO and MPHC. The net profits for the Energy sector improved by 28.4 percent y-o-y to reach $182.7m supported by the profits reported by Nakilat and Qatar Fuel Company (WOQOD). Nakilat registered a net profit increase of 11.5 percent to reach $94.7m for Q2, 20222 versus $84.9m for Q2, 2021.
In the Transportation sector, Qatar Navigation Company almost doubled to $76.4m in Q2, 2022 compared to $37.9m in Q2, 2021 backed by the higher operating revenue. Ezdan Holding Group in the real estate witnessed over fourfold y-o-y increase during Q2, 2022 to reach $29.6m compared to $6.7m in Q2, 2021. Earnings reported by GCC-listed companies reached a new record level during Q2, 2022 backed by a broad-based q-o-q growth in profits across all sectors barring the Financial and Pharma sectors. Aggregate net profit for GCC-listed companies reached $77.3bn during the quarter as compared to $65.7bn during Q1, 2022 resulting in a q-o-q growth of 17.6 percent, the report added.
