DOHA: The fourth quarter (Q4) 2025 earnings growth of Qatar Stock Exchange (QSE) are expected to be driven by non-banking firms with an increase of 35% year-on-year (YoY).
In a QSE Q4 earning preview, QNB Financial Services (QNBFS) stated “We expect Q4 2025 earnings to rise 20.4% YoY and declining 11.3% quarter-on-quarter (QoQ). This follows Q3 2025’s 2.8%/7.1% YoY/QoQ increase in aggregate QSE earnings. We see most of the growth coming from non-bank earnings, expected to rise 34.9% YoY and decrease by 11.1% QoQ while the banks’ earnings rise by 5.4% YoY.”
“We reiterate our constructive view on Qatari equities as the mainstay LNG/fundamental story anchors the Qatari economy/equities directly/indirectly with the ramping up of the North Field project – a significant portion of Qatar’s expected annual LNG capacity increase is already signed-off in long-term supply contracts. Meanwhile, continued government efforts to grow and diversify the economy provides another platform for more companies to grow their earnings, with PMIs since the beginning of 2024 confirming uninterrupted expansion in the non-oil economy,” it added.
According to Bloomberg consensus, Qatar’s GDP is expected to have grown by 2.9% in 2025 and is projected to accelerate to 5.1% in 2026 and 7.2% in 2027 as the North Field LNG project goes live.
The review further noted that that intermittent market dislocations could present both tactical and long-term opportunities for investors to optimise their portfolios due to several reasons such as the North Field Gas expansion, a growing tourism, sporting, MICE sector and QNV 2030 investments will make Qatar an advanced economy.
It will continue to be major growth drivers for company earnings. The production stage of the first phase of the North Fields LNG project is now imminent, expected to go live mid-year. The spike in consensus growth projections for Qatar are in sync with this outlook. The demand for Qatar’s gas should remain strong for the foreseeable future on the back of geopolitical developments, specifically in Europe, with demand for LNG expected to peak between mid-2030s and mid-2040s.
Moreover, new rules allowing the distribution of interim dividends by QSE-listed firms could further enhance Qatar’s appeal to local and foreign investors. So far, 10 companies have been paying interim dividends since 2024. “We believe this number could expand in future. In addition, a resurgence in IPOs could be on the horizon, with the direct listing of Mosanada Facilities Management Co. in December.”
