Nov 05 2010 |
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Qatar listed firms set new records
DOHA: Qatar's publicly traded companies have breached all previous records of net profits in the third quarter (Q3) as well as in the first nine months of the year. While the collective net profits of the listed entities were QR8bn in Q3 of the current year, the figure was a massive QR23bn for the first three quarters ending September 2010.
Comparisons show that total Q3 net profits of companies listed on the Qatar Exchange were 27 percent ore than the Q3 2009 figures. As for collective profits in the first nine months, the growth was 18 percent over the corresponding period last year and 10 percent when one compares the figures with those in the first three quarters of 2008, when profits peaked at historic highs.
Leading contributors to higher collective net profits in Q3 as well as in the first three quarters were Qatar National Bank ( QNB ) and Industries Qatar ( IQ ), the company that ranks number two in the entire Gulf region in terms of market capitalization.
IQ 's profits surged 19 percent, but Qatar Navigation made a record of sorts as its share prices rose an incredible 600 percent after it acquired Marine Transport Services Company.
Qatar Navigation 's profits grew 192 percent and it was one of the six listed entities whose profits more than doubled in the three quarters of the year.
© The Peninsula 2010
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