Registered 41 companies listed on the Stock Exchange Qatar decline in net profit for the fiscal year 2010 by 9 percent, down to 29.9 billion riyals ($ 8.2 billion), compared to 32.9 billion riyals ($ 9 billion) achieved in 2009, according to a Report of the Global Investment House «Global» for annual financial results for Qatari companies.
The report pointed out that «the performance of these companies during the fourth quarter of 2010, was the worst when compared to the first three quarters of the same year, as well as when compared to the same period of 2009, as companies recorded a country a net profit of seven billion riyals in
the fourth quarter of the year 2010, compared to 13.4 billion during the same period of 2009, a decline of 48 percent, a decline of 13.9 percent compared to third quarter of 2010 », excluding the« two companies are the first of funding that did not announce its findings until the report was issued, and Vodafone Qatar to fiscal year ending on March 31 (March) of each year ».The report pointed out that «the number of listed companies in Qatar's bourse reached at the end of last year 43, compared to 44 companies at the end of 2009, it was abolished in the second quarter of 2010, the shares of my company Qatar Shipping and Qatar Real Estate Investment, after the acquisition of two companies of Qatar Navigation and Barwa real estate to them, respectively. While listed shares of Mazaya Qatar Real Estate Development in the third quarter with a capital of one billion riyal ».
He explained that «32 companies recorded a growth in net profit in 2010, while the recorded 7 companies decline in net profit, while the firm has one to convert net losses in 2009 to net profit during 2010, while incurred one company losses in 2010 compared net profit in 2009 ».
The report then dealt to each sector separately the names and details of its performance during 2010 and compared to year 2009, pointing out that «the profits of the banking sector grew by 24.9 percent and up to 12.3 billion riyals, compared with 9.9 billion riyals in 2009, the sector accounted for about 41.2 percent of the total profits of the market as banks were the highest annual profit ever, were also able to record the second highest growth rate in five years, after those achieved during the year 2007 », saying« the success of all banks in the country registered growth in net profit ».
The report also pointed to the «register bank profits in the fourth quarter rate of 39.2 percent over the same period the previous year, thanks to improved interest income with the increase in conservative lending, while the recorded benefits relative decrease, compared with the corresponding period, and thus contributed to the decline in net profit by 7.5 percent compared to third quarter », pointing out that« the performance of Qatari banks began to recover during the third quarter in the midst of the emergence of the term agreement «Basel - 3», which required banks to hold capital of high-quality equivalent to 7 percent of its assets in high-risk, will provide greater liquidity with banks to help finance various projects ».
He explained that «the insurance sector recorded a growth in net profit in 2010 by 7.0 percent and up to 889 million riyals, compared to 830.8 million in 2009, to contribute 2.9 percent of the total profits of the market», pointing out that «the insurance sector consists of five companies, four of them recorded growth in net profit in 2010 at rates ranging from 7.1 percent of Gulf Insurance Company and 43.2 percent of Qatar Islamic Insurance. While the company recorded Qatar General Insurance decline only in the net profit by 12.3 percent to reach 119.5 million compared to QR 136.2 million riyals in the previous year.
He stressed that «the national insurance companies have strong financial sheets and good management of the risks has enabled it to achieve strong growth and steady increase in the volume of installments, also enabled it to overcome the impact of the global financial crisis, benefiting from a strong performance of the economy of the country».
He pointed out that «the profits of the manufacturing sector grew by 13.2 percent and up to 7 billion riyals in 2010 for $ 6.2 billion in 2009, contributes 23.0 percent of the profits of the market», pointing to the «recording five companies, industrial growth in net profit rates ranging between 7.4 percent, and 39.7.
The report pointed out that «the services sector is the only one who recorded a fall in net profit rate reached 39.3 percent from 16 billion riyals in 2009 to 9.7 billion in 2010, the sector accounted for 32.5 per cent of the profits of the market. Among the 21 companies service covered by this report, 15 companies managed to register growth in net profit for the year 2010 compared to 2009, against a decline in profits of 5 companies ».
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