Profits of Qatari listed companies decline 5.3% in the 3rd quarter of 2019

DOHA: All of Qatar Stock Exchange (QSE) listed companies have disclosed their financial results for the period ended September 30, 2019. The results show a net profit of QR 29.5 billion compared to QR 31.1 billion for the same period last year, with a decrease of 5.3%.

Qatar’s economy has taken a turn for the worse, with its real estate and retail sectors reeling from the effects of the boycott. Reports from inside Doha say shopping malls and hotels have been nearly abandoned in the absence of wealthy tourists from Saudi Arabia and the United Arab Emirates.

Qatar’s housing market also remains depressed because of a supply glut ahead of the 2022 FIFA World Cup that is to be hosted there. To stimulate the gas-rich country’s economy last October, Qatari Emir Sheikh Tamim bin Hamad al-Thani issued a new law allowing foreigners to own property in the country.

Doha’s economic woes do not stop there. Qatar Airways, once touted as one of the fastest growing carriers in aviation history, reported its second consecutive annual loss in March. The company’s troubles began when it was barred from entering the boycotting countries’ airspace, forcing it to reroute many flights at a high cost.

Edited by Kiran Khan

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