Doha: The total earnings for Qatari-listed companies witnessed a year-on-year (y-o-y) gain of 7.7 percent during third quarter (Q3) of 2024 to reach $3.7bn as compared to $3.5bn in Q3-2023.

At the sector level, the surge in earnings was broad-based with fourteen out of the fifteen sectors witnessing a y-o-y increase in net profits during Q3-2024.

In terms of key sectors, the profit growth was led by earnings growth in banking, telecommunication, utilities and energy sectors according to Kamco Invest report.

Qatar’s banking sector reported a profit growth of 4.5 percent in Q3-2024 that reached $2.2bn accounting for 58.5 percent of the overall exchange profits during the quarter.

QNB’s net profit reached $1.2bn in Q3-2024, up 7.1 percent compared to Q3-2023, driven by higher net interest income that grew by 2.7 percent to $2.3bn.

Meanwhile, QIB’s net profit surged 9.1 percent in Q3-2024 to reach $329.1m mainly led by net income from financing and investing activities which rose 8.7 percent to $753.5m.

In the telecom sector, Vodafone Qatar reported a net profit of $39.5m for Q3-2024, representing an increase of 8.8 percent y-o-y. Total revenue for the telco increased by 7.3 percent y-o-y to reach $219.9m driven by continued growth in the company’s fixed broadband services, managed services, IoT and others.

The total number of mobile customers stood at 2.1 million. Meanwhile Ooredoo reported net profits of $288.4m in Q3-2024 up by 20.9 percent.

The net profit for the energy sector improved by 16.1 percent y-o-y to reach $261.1m supported by higher profits reported by Gulf International Services Co.

The company generated a net profit of $59.3m in Q3-2024 from $36.7m in Q3-2023 up by 61.7 percent mainly on account of better revenue reported from the drilling and insurance segments, the report noted.

Qatar Gas Transport Co.(Nakilat) posted a net profit increase of 7.5 percent to reach $122.4m in Q3-2024 versus $113.8m in Q3-2023 mainly led by lower operating expenses that was further supported by better topline growth.

The company’s board approved an interim cash dividend of QR0.07 per share for 1H-24. In the Utilities sector, the sole stock Qatar Electricity & Water reported a net profit of $139.7m up by 49.6 percent from its Q3-2023 earnings which stood at $93.3m.

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