(MENAFN- The Peninsula) Deepak John |
Doha, Qatar: Total earnings for Qatari-listed companies witnessed a marginal gain of 0.3 percent during the third quarter (Q3) of this year to reach $3 as compared to $3 in Q3-2022 according to the Kamco Invest report.
For the first nine months of 2023, Qatar-listed companies reported net profits of $10 as compared to $11 9M- 2022, registering a decline of 10.5 percent. In the Banking sector, QNB reported a net profit of $1 in Q3-2023 compared to a net profit of $1 up by 1.4 percent after the bank set aside significantly lower loan loss provision during the quarter as compared to last year.
Masraf Al Rayan posted a net profit of $129 for Q3-2023 versus $89 for Q3-2022 up by 44.2 percent. Similarly, Qatar Islamic Bank registered a net profit of $301 in Q3-2023 compared to $281m in Q3-2022 mainly led by higher net income from financing activities that increased by 35.8 percent y-o-y to reach $605 in Q3-2023.
In the Telecom sector, Ooredoo's net profits reached $238 in Q3-2023 as compared to a net profit of $158 in Q3-2022, registering an y-o-y increase of 50 percent. The telco's revenue increased by 1 percent y-o-y to $1. EBITDA was up by 4 percent to QR0 and EBITDA margin improved to 44 percent, up by 1 percent. The customer base remained flat at 2.9 million.
Vodafone Qatar reported a net profit of $36 for Q3-2023, representing an increase of 13.2 percent y-o-y. Total revenue increased by 1 percent y-o-y to reach $747 driven by continued growth in the company's postpaid revenue and fixed broadband services, in addition to higher service revenue.
Kamco Invest report for November 2023 further stated that the Energy sector also reported healthy increase in earnings during the quarter that reached $224 as compared to $216 in Q3-2022 up by 4 percent y-o-y supported by growth in profits reported by Nakilat. The Company registered a net profit increase of 3.4 percent to reach $113 for Q3-2023 versus $110 for Q3-2022 driven by the increase in the profits of joint venture companies operating in LNG transportation and shipyards.
Qatar Fuel Company reported a net profit of $74 in Q3-2023 versus $71m in Q3-2022 up by 4.8 percent. The increase in net profit was due to increased diesel sales volume, associated income, and higher B2B sales as a result of the completion of significant infrastructure projects.
Aggregate net profit for GCC-listed companies reached $62 during Q3 of this year as compared to $72 during Q3-2022 resulting in a double-digit y-o-y decline of 14.4%. Out of the 22 sectors in the region, profits for 12 sectors showed y-o-y declines while 10 sectors showed higher profits. In terms of q-o-q performance, aggregate GCC profits increased by 7.7 percent in Q3-2023.
The banking sector profits once again remained resilient registering healthy q-o-q and y-o-y growth as lending grew in most markets despite higher interest rates
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.