Qatar’s capital market reflects the country’s economic strength as the Gulf country celebrates its National Day on December 18. In the first nine months of 2025, the country’s 53 listed companies reported a combined net profit of $11.5 billion (QR 42 billion), with the top five accounting for approximately $7 billion (QR 25.4 billion), representing 60.5% of total earnings.
Here are Qatar’s most profitable listed companies in the first nine months of 2025, highlighting the market leaders driving the bulk of earnings.
1. QNB Group
Net profit in 9M 2025: $3.6 billion
YoY change: 1.5% ↑
QNB Group, Qatar’s most profitable company, posted a net profit of $3.6 billion (QAR 13.1 billion) in the first nine months of 2025, up 1.5% from the same period a year ago, supported by a 9.1% rise in operating income to $9 billion (QAR 32.8 billion). This growth reinforces the bank’s leading role in Qatar’s banking sector and its position as a cornerstone of the country’s financial system.
In October 2025, QNB Group refinanced its $1.5 billion unsecured syndicated term loan facility with a five-year maturity, supported by both regional and international banks. QNB Group’s presence spans 28 countries across three continents operating from approximately 945 locations, supported by about 31,264 employees, as of September 2025. In June 2025, QNB Group was ranked third on Forbes Middle East’s Top 100 Listed Companies 2025 list, following Saudi Aramco and UAE’s International Holding Company (IHC).
2. Ooredoo Group
Net profit in 9M 2025: $1 billion
YoY change: 8.3%↑
In the first nine months of 2025, Ooredoo Group posted a net profit of $1 billion (QAR 3.7 billion), registering an 8.3% year-on-year growth. Total revenues increased by 2.9% to $5 billion (QAR 18.2 billion), driven by sustained customer demand and strategic network investments, reinforcing the group’s market leadership.
Ooredoo Group’s customer base reached 52.9 million across its network by the end of September 2025, up 4% from the first nine months of 2024. Including Indosat Ooredoo Hutchison (IOH) customers, the total customer base stood at 147.5 million as of September 2025. In June 2025, the group was ranked 33rd on Forbes Middle East’s Top 100 Listed Companies 2025 list.
3. Qatar Islamic Bank (QIB)
Net profit in 9M 2025: $944.7 million
YoY change: 5.7%↑
Qatar Islamic Bank (QIB) has posted a net profit of $944.7 million (QAR 3.44 billion) in the first nine months of 2025, up 5.7% from the same period a year ago. Total income was $2.3 billion (QAR 8.5 billion), slightly down 0.3% year-on-year. The results reflect steady operational performance and the bank’s continued resilience in Qatar’s Islamic banking sector.
QIB was incorporated in 1982 as the first Islamic financial institution in Qatar. The bank’s network includes 21 branches and offices and over 188 ATMs and CDMs as of September 2025. In June 2025, the bank was ranked 32nd on Forbes Middle East’s Top 100 Listed Companies 2025 list.
4. Industries Qatar (IQ)
Net profit in 9M 2025: $932.8 million
YoY change: 12.8% ↓
Industries Qatar (IQ) has reported a net profit of $932.8 million (QAR 3.4 billion) in the first nine months of 2025, reflecting a 12.8% year-on-year fall. The decline came despite a 26.1% rise in revenues to $3.2 billion (QAR 11.7 billion), as the cost of sales increased 23.6% to $2.4 billion (QAR 8.8 billion). In the first nine months of 2025, the company produced 13.45 million metric tons and recorded sales volume of 8.1 million metric tons.
Established in 2003, IQ operates in three main segments, petrochemicals, fertilizers, and steel, through its subsidiaries and joint ventures. In June 2025, the bank was ranked 37th on Forbes Middle East’s Top 100 Listed Companies 2025 list.
5. Commercial Bank
Net profit in 9M 2025: $490.5 million
YoY change: 23.7% ↓
Commercial Bank of Qatar has posted a net profit of $490.5 million (QAR 1.8 billion) in the first nine months of 2025, down 23.7% year-on-year. The decline reflects a 5.7% drop in net operating income to $952.9 million (QAR 3.5 billion) over the same period.
Additionally, the bank’s operating expenses rose 12.9% year-on-year to $287.6 million (QAR 1.05 billion) for the same period. The bank was incorporated in 1974. In June 2025, the bank was ranked 47th on Forbes Middle East’s Top 100 Listed Companies 2025 list.
