QSE Q1 aggregate profit rise to QR13.1bn sets positive tone for 2024: QNBFS

QSE Q1 aggregate profit rise to QR13.1bn sets positive tone for 2024: QNBFS

Banks remained the biggest contributor to the qse’s aggregate earnings at 57.5% (Q1,2023: 55.8%) followed by industrials (18.1% vs 19.2% in Q1,2023) and telecoms (8.1% vs 8.8% in Q1,2023), according to the latest ‘earnings review’ of QNBFS.

Listed companies on the Qatar Stock Exchange reported a year-on-year growth of 5.8% and quarter-on-quarter growth of 30.7% in aggregate earnings to QR13.1bn during the first quarter, qnb Financial Services (QNBFS) said in its latest ‘earnings review’.Sectoral performances were mixed but banks, insurance and transportation were the only three sectors out of eight that saw positive earnings growth both year-on-year (YoY) and sequentially. Aggregate topline increased 4.2% YoY but saw a modest 2.3% sequential decline to QR42.8bn.Aggregate net profit margin came in at 30.6% compared with 30.1% in Q1, 2023 and 22.9% in Q4, 2023.Banks remained the biggest contributor to the QSE’s aggregate earnings at 57.5% (Q1,2023: 55.8%) followed by industrials (18.1% vs 19.2% in Q1,2023) and telecoms (8.1% vs 8.8% in Q1,2023).The banking sector posted a large increase in Q1, 2024 aggregate earnings, both YoY and sequentially. For Q1, 2024, the banking sector posted a 9.1% YoY and 15.7% QoQ growth in aggregate headline net income.The Banks and Financial Services Index