Despite economic stagnation, companies on the Qatar Stock Exchange show upward climb since easing of lockdown.
Companies on the Qatar Stock Exchange (QSE) have disclosed a combined profit of QR23.8bn in the third quarter of 2020 since easing of the government-imposed lockdown, despite economic challenges due to the COVID-19 pandemic.
The third quarter profit is a QR4.2bn increase since the second quarter of 2020, which showed a profit of QR19.6bn and a whopping QR15.5bn increase since the first quarter, where the profit was QR8.3bn.
However, there has been a 17.91% decrease in the net profit when compared to the same period last year, according to the Qatar Stock Exchange website.
Banks and financial institutions make up 13 of the 47 total companies listed on QSE and witnessed a net profit of QR16.9bn. Qatari banking giant QNB Group led the pack, as its net profit for the first nine months this financial year ended September 30, reached QR9.5bn ($2.6bn).
The industrial sector came second with a combined net profit of QR2.68bn, followed by the transport sector with QR1.5bn and the real estate sector with QR1.04bn.
Ooredoo Group reported a net profit of QR1.5bn for the first nine months of 2020, an increase of 16 percent compared to the same period last year, driven by a more favourable foreign exchange environment.