21/09/2011 00:00 AST
Qatari companies continued to achieve profits in the first six months of 2011, where a total of 41 companies listed on Qatar Exchange reported a net profit of 17.9 billion riyals in the first half, compared to a net profit of 15.3 billion riyals achieved for the same period last year, a growth of 16.9 per cent, which reflects the strength and rigidity enjoyed by the country’s economy.
The listed companies reported a net profit of 8.9 billion riyals in the second quarter of 2011 compared to 7.3 billion riyals in the same period last year, an increase of 21.6 per cent. However, on a quarter on quarter basis, net profit of Qatari stocks declined marginally by 1 per cent in the second quarter of 2011, compared to the first quarter.
During the previous periods, several Qatari companies reported exceptional non-recurring income, couple of mergers forming bigger entities, as well as the delisting of three companies.
Excluding previous non-recurrent items, it seems that Qatari companies succeeded in the second quarter of 2011 in recording the highest quarterly profit of 8.9 billion riyals, as a result of improved performance of the banking sector and the huge increase of the profit posted by Industries Qatar.
It is worth mentioning that, Vodafone Qatar was excluded from this comparison, since the company’s fiscal year ends on March 31 of each year.
In the first quarter this year, 31 companies recorded higher earnings, against nine companies reported decline in profits, and one company incurred losses.
Three companies managed to enhance their six months results by more than 100 per cent, led by Gulf Warehousing Company, which continued to perform strongly in the first half of 2011, posting 312 per cent growth in revenue compared to the same period of 2010, after the acquisition of Agility Qatar.
Furthermore, Qatar Company For Meat & Livestock increased its income by 150 per cent in the first half of 2011, on the rising in revenues of government support for the company. Meanwhile, Al Khalij Commercial Bank posted a strong increase in the first half of 2011 net profit of 122.4 per cent, after the net interest margin and the net interest income increased.
Banking and finance
Qatari banks improved their financial performance during the first half of 2011, due to robust core earnings, which is reflective of the buoyancy of the fastest growing country’s economy.
Aggregate net profit of the eight banks reported a growth of 24.8 per cent, reaching 7.4 billion riyals in the first half as compared to 5.9 billion riyals for the same period last year, accounting for 41.2 per cent of the total profit of the market.
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Times of Oman
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