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Satyendra Pathak
Doha
The combined net profit of 45 companies listed on Qatar Stock Exchange (QSE) increased 5 percent to QR21 billion in the first half of 2018, compared to the combined net profit of QR20 billion in the same period last year.
According to figures updated on Tuesday by QSE about profit and losses of listed firms in the first half of 2018, four out of seven sectors that constitute the exchange added profits during the period.
The 45 companies are distributed over seven sectors, comprising the banking, industrial, real estate, transportation, goods, insurance and telecommunication sectors.
The industrial sector contributed the most to the rise in combined net profit.
The industrial sector's collective profit in the first half of 2018 stood at QR4.68 billion, an increase of 30.21 percent compared to profit of QR3.59 billion in the same period a year ago. Gulf International Services (GIS) profit surged the most by 116.37 percent on year-on-year. Industries Qatar, the main constituent of the industrial sector, gained 55.89 percent in the first half.
The services and consumer goods sector gained 11.31 percent to become the second best sector gainer.
The combined profit of stocks that constitute services and consumer goods sector rose to QR960 million in the first half of 2018 from the combined profit of QR862 million in the same period last year.
The banking sector, led by a huge jump of 376 percent in Commercial Bank's profit, gained 7.82 percent during the period.
The combined net profit of 13 stocks part of the banking and finance sector rose to QR11.64 billion in the first half of 2018, compared to QR10.8 billion in the same period last year.
The profit of Qatar National Bank (QNB), the main constituent of the banking sector, grew 6.67 percent.
The combined profit of transport sector stocks rose 9.74 percent to QR856 million in the first half.
Net profits of real estate companies witnessed the deepest fall. The combined profits of real estate companies fell by 36.43 percent, with Ezdan Holding declining the most by 63.42 percent. Net earnings of real estate companies plunged to QR1.5 billion from QR2.3 billion a year ago. Mazaya Qatar was up by 20.5 percent.
The telecom sector also suffered as its net earnings dropped 23.6 percent to 737 million in the first half of 2018, compared to QR 965 million in the same period last year. Major loser in the sector was Ooredoo as its net profit declined 37.19 percent in the first half.
The insurance sector's net profit fell 17.23 percent to QR522 million.
It is worth mentioning that August 15 is the deadline for disclosures of financial results for the six-month period ended June 30.
Zad Holding Company, which reported profit of QR114.75 million in the first half of 2018 compared to net profit amounting to QR 114.70 million for the same period of the previous year, was the last one to announce the results. The company's earnings per Share (EPS) amounted to QR4.84 for the period ended June 30, compared to EPS of QR4.84 for the same period of the previous year.
