Qatar’s listed companies on the main market posted a total net profit of QR51.18 billion in 2024, reflecting an 8.7% year-on-year growth despite economic challenges, according to data from the Qatar Stock Exchange (QSE). The increase in earnings was driven by strong performances in the consumer goods and transport sectors, while real estate and industrials experienced declines.
Banking Sector Remains the Largest Contributor
Despite a slowdown in profit growth, the banking and financial services sector remained the dominant contributor, accounting for 59.22% of the total net profits in 2024. The sector’s net earnings rose 6% year-on-year to QR30.31 billion, compared to a 7.64% growth in 2023.
The Qatar Central Bank’s Third Financial Sector Strategy has outlined plans to expand product offerings, including life and health insurance and climate insurance, to further support financial sector growth.
Consumer Goods and Transport Sectors Lead Growth
The consumer goods and services sector, which comprises 13 listed companies, saw net profits surge 10.74% year-on-year to QR1.67 billion in 2024, reversing a 4.73% decline in the previous year. The sector contributed 3.26% to overall market profitability.
Similarly, the transport sector, which includes three listed entities, recorded a 4.54% increase in total net profits to QR2.93 billion. The sector accounted for 5.72% of total listed company earnings, slightly lower than the 5.95% share in 2023.
Industrials and Real Estate Sectors Experience Declines
The industrials sector, with 10 listed companies, witnessed a 1.8% contraction in net profits to QR9.27 billion in 2024. Despite the decline, it contributed 18.11% to overall market earnings. The sector was particularly affected by subdued demand in hydrocarbon-linked industries.
Meanwhile, the real estate sector, comprising four listed companies, saw net earnings drop by 3.61% year-on-year to QR1.7 billion, following a 6.46% surge in 2023. Its contribution to total profits also fell to 3.32% from 3.74% the previous year.
Insurance and Telecom Sectors Show Strong Growth
The insurance sector rebounded from a net loss of QR0.36 billion in 2023 to post QR1.31 billion in net earnings in 2024. The sector’s contribution to overall profits stood at 2.56%, driven by economic expansion, population growth, and mandatory insurance schemes across Gulf countries.
The telecom sector, which consists of two listed companies, recorded a 13.52% jump in net profit to QR4.04 billion in 2024, although this was lower than the 24.22% growth seen in 2023. The sector contributed 7.89% to total net profits, up from 7.56% the previous year.
Venture Market Sees Modest Gains
The venture market, which had two listed entities, reported a total profit of QR0.06 million in 2024, reflecting a 24.09% year-on-year increase. However, one of these companies has since migrated to the main market.
Positive Outlook for 2025
Despite global economic uncertainties and regional interest rate pressures, Qatar’s listed companies demonstrated resilience in 2024, with robust earnings growth in key sectors. Analysts expect further expansion in 2025, driven by financial sector innovations, infrastructure investments, and increasing foreign investor interest in the Qatari market.
