Companies listed in the Qatar Stock Exchange have ended the first quarter of the year on positive note by registering a robust increase in the net profits during January-February –March period.
The combined net profits of 48 companies listed on QSE reached QR13.61bn for the first quarter of this year, recording a growth of 26.43 percent compared to same quarter in previous year, according to the statement posted on the website of Qatar Stock Exchange.
QSE listed firms had posted combined net profit of QR10.72bn during the first quarter of 2021.
Continued improvement in the health of global and local economy has boosted the performance of local companies.
Prices of crude oil have risen during the first quarter of this year to increase in demand. Economic activity has increased due to easing of restrictions imposed to curb cases of COVID-19.
Rising oil prices have boosted the revenue and profits of local companies. Also, Qatar’s economy has witnessed a robust recovery which has increased demand for goods and services in the country.
Despite a challenging situation created by the outbreak of coronavirus, the companies listed in the local bourse delivered a strong performance in 2021.
A strong performance of banking and financial sector companies helped the companies to register strong profits last year. The combined net profits of 48 companies listed on QSE reached QR43.28bn for the year 2021, registering a 41 percent increase compared to the previous year.
The total net profit of QSE listed firms amounted to QR30.68bn in 2020. Qatari companies managed to deliver profits by optimising their operating cost and taking other prudent measures.
