The combined net profits of companies listed on Qatar Stock Exchange (QSE) reached QR31.62bn for the year 2020. The companies listed on QSE had posted QR39.36bn cumulative net profits in 2019.
“48 companies listed on Qatar Stock Exchange disclosed their annual financial results for the year ended December 31, 2020, as the net profits for that period amounted to QR31.62bn compared to QR39.36bn for the same period last year 2019, showing decrease of 19.65 percent,” said QSE in a report on its website, yesterday.
Companies have reported profits amid challenges posed by COVID-19 pandemic. Despite testing environment, Qatari companies have managed to deliver profits by optimising their operating cost and taking other prudent measures.
The combined net profits of the companies in the Banks & Financial Institutions sector reached QR21.35bn in 2020. The Industrial Sector’s net profit QR3.9bn while combined net profits of companies in Services and Consumers Goods reached QR1.28bn.
The combined net profits of the companies in the Transport sector reached QR1.5bn while net profits of the companies in Insurance sector reached QR499m in 2020.
Meanwhile, Qatar Stock Exchange (QE) Index jumped 132.42 points, yesterday, helped by strong buying interest from from domestic and foreign investors. The index closed at 10,323.98 yesterday compared to 10191 on Sunday, showing a rise of around 1.30 percent.
The volume of shares traded increased to 255 million from 222.8 million on Sunday while the value of shares increased to QR504.4m from QR365.9m on Sunday.
Mannai Corporation, Investment Holding Group, Industries Qatar, Ooredoo and QNB were among top gainers in yesterday’s trade. Shares of Mannai Corporation surged around 10 percent, while that of Investment Holding Group jumped by around 4 percent. Shares of Industries Qatar jumped around 3 percent, Ooredoo 2.5 percent while QNB shares jumped by 2 percent.
Shares of QNB got support from the announcement about the bank receiving a rating of AA in the MSCI ESG Ratings assessment, conducted by MSCI ESG Research LLC. The rating recognizes QNB Group as a leader in its industry in managing ESG risks and opportunities. The rating upgrade to AA places QNB Group into the top quartile of the ESG index, and confirms the Group’s leadership in the banking sector on this topic.
Qatar’s stock market started the week on a positive note with shares registered increase on the first trading session of week. The QE Index had risen 0.2 percent to close at 10,191.6 on Sunday. The Real Estate and Industrials indices led the gains.
The index rose on the back of buying support from Foreign shareholders despite selling pressure from Qatari, GCC and Arab shareholders. Ezdan Holding Group and Qatar First Bank were the top gainers, rising 5.7 percent and 3.2 percent, respectively. Among the top losers, Doha Insurance Group fell 5.2 percent, while Qatar National Cement Company was down 3.6 percent. Volume of shares traded on Sunday fell by 18.9 percent to 222.8 million from 274.7 million on Thursday.
