Doha, Qatar: The total earnings for Qatari-listed companies witnessed a gain of 6.2% year-on-year (y-o-y) during first quarter (Q1) of 2024 to reach $3.6bn as compared to $3.4bn in Q1-2023.

The surge in earnings was primarily driven by earnings growth in the banking, capital goods and energy sectors.Qatar’s banking sector reported a profit growth of 9.4% in Q1-2024 that reached $2.1bn accounting for 57.6% of the overall exchange profits during the quarter, noted Kamco Invest report.

QNB’s net profit reached $1.14bn in Q1-2024, up 7.1% compared to Q1-2023, driven by higher operating income which increased 11% to reach $2.8bn, while customer deposits grew by 6% and loans and advances increased by 7% to $241.7bn and $238.1bn, respectively.

Meanwhile, QIB’s net profit surged 5.8% in Q1-2024 to reach $261.9m mainly led by net income from financing and investing activities which rose 19% to $0.71bn. Net profits for Commercial Bank of Qatar increased by 39.3% to $219.8m in Q1-2024 from $157.8m in Q1-2023 mainly led by higher net fee and commission income. Operating profit for the Group increased by 18.9% to $278.1m for the Q1-2024 compared with $233.9m achieved in Q1-2023.

The capital goods sector also reported healthy increase in earnings during the quarter that reached $428.1m as compared to $389.4m in Q1-2023 up by 9.9% supported by profits reported by Industries Qatar Co. The company registered a net profit increase of 10.2% that reached $351.1m in Q1-2024 vs $318.6m in Q1-2023 on account of better gross margins and lower operating costs although challenging macroeconomic context continued to weigh on the results. Production volumes marginally improved versus 1Q-2023 due to improved steel volumes.

The net profits for the energy sector improved by 16.5% y-o-y to reach $226.1m supported by the profits reported by Gulf International Services Co. and Qatar Gas Transport Co. (Nakilat). Net profits for Gulf International Services Co. increased by 76.7% to reach $44.2m in Q1-2024 vs $25m for Q1-2023.

All subsidiaries witnessed growth in revenue compared to last year supported by improved day rates, higher asset utilisation from the aviation and drilling segments and higher-flying hours in addition to improved premiums from the insurance segment. Qatar Gas Transport Co. posted a net profit increase of 6.5% to reach $115.1m in Q1-2024 vs $108.1m in Q1-2023 mainly led by the increase in revenue due to strong demand for its LNG shipping services in Q1-2024.

According to Qatar Stock Exchange the Q1 2024 net profit of all listed companies reached QR13.1bn, constituting a 5.83 percent increase from QR12.38bn for the same period last year.

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