(MENAFN - The Peninsula) The net profits of Qatari shareholding companies dropped by 9 percent in 2010 to QR29.9bn compared to QR32.9bn in 2009, said a report.
Global Investment House said in the report that the net profits of listed companies in the final quarter of 2010 dropped by 48 percent to QR7bn compared to QR13.4bn in 2009.
Qatari banks' profits achieved the highest annual level in 2010 and the second high growth in five years. Profits grew by QR24.9bn to QR12.3bn compared to QR9.9bn in 2009.
The net profits of Qatar National Bank (QNB) grew at the end of 2010 by 35.8 percent to QR5.7bn. QNB, Al Rayyan and Al Ahli banks profits grew by 35 percent.
The net profits of the Industry sector in Qatar grew by 13.2 percent in 2010 to QR7bn compared to QR6.2bn in 2009.
Qatar Industries Company net profits grew by 12.4 percent to QR5.6bn. The net profits of Zad Holding Company grew by 7.4 percent and of Qatar Manufacturing Company by 39.7 percent.
The services sector net profits dropped in 2010 by 39.3 to QR9.7bn compared to QR16bn in 2009. The net profits of 15 service companies grew in 2010 compared to 2009 and those of five companies dropped.
Qatar Telecommunication Company (Qtel) net profit grew by 2.2 percent to QR2.9bn compared to QR2.8bn in 2009.
Barwa Real Estate Company net profits grew by 83.5 percent to QR1.4bn due to merger with Qatar Company for Real Estate Investments.