5 Qatar’s top publicly listed companies by market cap

QNB Group topped the ranking of the 5 largest public companies in Qatar, with a market value of 172.3 billion riyals ($47.3 billion), according to stock prices on the Qatar Stock Exchange.

According to the International Monetary Fund, Qatar's economy is expected to grow by 3.4% in 2022, compared to 1.6% last year and 2.4% in 2023.

The FIFA World Cup Qatar 2022, which is running from November 20 to December 18, will positively reflect on the Gulf country as it expects $17 billion in profit from the tournament, while the cost of infrastructure and construction expenses are at $8 billion.

QNB Group maintained its top spot as Qatar’s biggest publicly-listed company with a market cap of $47.3 billion (QR 172.3 billion), as of November 21, 2022.

Industries Qatar (IQ) came second with a market value of $24.4 billion, ahead of Qatar Islamic Bank (QIB), Masraf Al Rayan, and Ooredoo Group at $15.6 billion, $9.2 billion, and $8.6 billion, respectively.

The combined market cap of Qatar’s top five publicly listed companies crossed $105 billion, constituting nearly 58% of the total companies’ market cap worth $181.5 billion for 47 companies, according to the Qatar Stock Exchange.

QE Index, Qatar Stock Exchange’s main index, rose 1.96% year-to-date reaching 11,853.13 points on November 21, 2022.

Here are Qatar’s top 5 publicly listed companies by market cap as of November 21, 2022.

1. (Market cap: $47.3 billion) QNB Group

The share price of QNB Group declined by 7.6% since December 30, 2021, to reach $5.1 (QR 18.65) on November 21, 2022. Yet, it retained its top spot in terms of market cap. QNB’s profits hiked 7.2% during the first nine months of 2022, surpassing $3 billion (QR 11 billion) supported by an increase of $134.6 million (QR 490 million) in third-quarter net income at $1.1 billion (QR4 billion).

The earnings per share (EPS) amounted to $0.3 (QR 1.1) from January to September 30, 2022, compared to $0.28 (QR 1.03) for the same period in 2021. The bank’s total assets also rose in the first nine months of 2022, reaching $311.8 billion (QR 1.14 trillion) as of September 30, from $300.23 billion (QR 1.09 trillion) as of December-end 2021.

On November 21, 2022, QNB entered into a joint venture agreement with Ajlan & Bros Group, to collaborate and grow the digital banking opportunity in the Kingdom. QNB Group and Ajlan & Bros Group have initiated steps to obtain the required regulatory approvals, without revealing more details. On April 5, 2022, QNB said it has procured all the required regulatory approvals to amend Article 10 of QNB’s Articles of Association, and allow foreign ownership limit of up to 100%. Qatar Investment Authority owns 51.93% of the bank.

2. (Market cap: $24.4 billion) Industries Qatar

Industries Qatar’s share price dropped 5.1% year-to-date to reach $4 (QR 14.7) on November 21, 2022. Industries Qatar reported a net profit of $1.9 billion (QR 7 billion) for the nine-months period ended 30 September 2022, representing an increase of 28% compared to the same period of last year.

In October 2022, the company has approved signing of an agreement, whereby IQ will be funding the construction of new Polyvinyl Chloride (PVC) plant. The agreement was announced in April by its indirect joint venture - Qatar Vinyl Company (QVC), which is expected to later become a direct shareholder in QVC with a larger stake, following the expiry of the current joint venture agreement.

Currently, IQ owns an indirect stake in QVC via QAPCO, equivalent to 25.52%. As per the Principles Agreement, QAPCO and Qatar Energy will transfer their entire stakes in QVC to IQ at the expiry of QVC’s current JVA at nil consideration by May 2026.

3. (Market cap: $15.6 billion) Qatar Islamic Bank (QIB)

QIB’s stock price hiked nearly 31% from December 30, 2021, to November 21, 2022, to $6.6 (QR 24), marking an increase of its market value to hit $15.6 billion.

QInvest LLC, QIB subsidiary, and Qatar Insurance Company (QIC), had announced the establishment of Qatar-based Epicure Islamic Investment Management LLC (EIM), in October. The new entity, owned by QIC and QInvest at 51% and 49%, respectively, is a Sharia-compliant entity, authorised and regulated by Qatar Financial Centre Regulatory Authority (QFCRA).

The company will focus on providing a wide range of Islamic asset management activities ranging from investing to developing and structuring innovative Islamic investment products.

4. (Market cap: $9.2 billion) Masraf Al Rayan

Masraf Al Rayan’s share price fell 22.4% year-to-date reaching $1 (QR 3.6) as of November 21, 2022. The financial statements revealed a net profit decline of $376.3 million (QR 1.37 billion) in the first nine months of 2022, compared to $473.6 million (QR 1.7 billion) for the same period in 2021.

On November 30, 2021, Masraf Al Rayan announced the completion of the legal merge with Al Khalij Commercial Bank. The two banks are considered one legal entity bearing the Masraf Al Rayan name with total assets worth $45.1 billion (QR164.1 billion) as of September 30, 2022, from $34.3 billion (QR XXX) a year earlier. The bank has 17 branches in Qatar.

5. (Market cap: $8.6 billion) Ooredoo Group

Ooredoo Group’s share price hiked 39.1% year-to-date, reaching $2.7 (QR 9.8) on November 21, 2022 driving its market cap to hit $8.6 billion. The company said it's preparing for a potential carve out of its tower portfolio to extract optimal value from its infrastructure and create more value for customers and shareholders.

The company’s tower portfolio comprises about 20,000 towers spread across the countries where it operates. This transaction will allow the company to work on a deal that is suitable for target markets, and attract third tenant business.