Qatari companies’ aggregate profit down 2% in Q3

The aggregate net profit of Qatari-listed companies dropped 2 percent year-on-year (YoY) to QAR 9.2 billion in Q3 2017, data compiled by Argaam showed.

The decline was attributed to Qatari insurance companies, which incurred QAR 190.2 million in losses during Q3.

Qatar Insurance, the country’s largest listed insurer, suffered QAR 200.8 million in losses in Q3, versus net earnings of QAR 108.8 million in the same period last year.

Transportation companies posted a 31 percent decline in net profit, followed by real estate (down 9 percent) and consumer goods and services (down 2 percent).

Meanwhile, telecoms reported the biggest profit increase at 19 percent in Q3, followed by banks and financial services (7 percent), accounting for 61 percent of the market’s combined earnings.

The industrial sector’s profit rose 5 percent, backed by Industries Qatar which reported a 2 percent profit rise.

Earnings of the market’s top ten companies accounted for more than 78 percent of aggregate profit for Q3 2017. However, Ezdan Holding recorded a profit decline of 30 percent.

Qatari companies’ combined profit for the first nine months of 2017 fell 6 percent YoY to SAR 29.2 billion.