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Posted On: 2 April 2009 08:50 am
Updated On: 12 November 2020 02:09 pm

Qatari companies defy trend, post massive growth

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Defying the global recession which began spreading its tentacles late last year hitting businesses the world over, companies listed on the Qatari bourse have reported enviable financials for 2008. The collective net profits of the 43 entities listed on the Doha Securities Market (DSM) soared to an incredible QR28.5bn, showing a 33.4 percent increase over 2007. Their profit figures in 2007 were QR21.4bn. According to a statement posted on the website of the DSM, “All the listed companies have disclosed their financial statements for the year ended December 31, 2008.” The DSM administration lauds the companies for reporting their financials in strict accordance with the disclosure and transparency norms, the bourse statement added. The banking and financial services sector took the cake, as usual, as it accounted for the largest share in the total net profits of the listed companies in 2008 with a contribution of a massive over QR10bn. The sector’s share in 2007 was QR8.1bn. Banking giant Qatar National Bank (QNB) contributed a major share to the sector’s profits. It reported record net profits of QR3.65bn last year, up from QR2.5bn in 2007, showing an impressive 45.7 percent rise. The services counters with the largest number of listed firms came in trailing second with a contribution of QR8.96bn to the total net profits of the DSM-listed firms. The counters achieved an enviable 36.13 percent growth over 2007. The sector’s net profits were to the tune of QR6.58bn in 2007. The share of the industrial sector in the total net profits was QR8.54bn, up from QR5.84bn in 2007, registering a 46.26 percent rise. The growth was the maximum for any sector. With a 121.82 percent increase in net profits and fundamentally formidable Industries Qatar with a 46 percent profit rise led the sector’s overall growth. The contribution of the insurance counters to the profitability of the listed companies rose from over QR763m in 2007 to more than QR939m last year, figures released by the DSM suggest.