Qatar Results: Medicare Nine-Month Profit Rises 79.2 Percent as QNB Sets a Riyal Shogun Record

By The Edge Research Team

Medicare Group lifted its nine-month net profit 79.2 percent on our calculation, to 111.2 million riyals, the largest gain of the four companies in the results table. Lesha Bank followed with a 50.2 percent rise to 210.4 million riyals. QNB Group raised 750 million riyals from Japanese investors in what it called the largest riyal-denominated Shogun bond to date. Ezdan Holding Group grew nine-month profit 9.6 percent on our calculation, and its third-quarter growth on the year outpaced its first-half growth.

Lesha Bank and Medicare lead the gains

Lesha Bank earned 210.4 million riyals for its shareholders in the nine months to 30 September, against 140.1 million a year earlier. Total income rose 57.7 percent to 399.5 million riyals. Assets under management doubled, up 101 percent to 23.6 billion riyals. Chairman Sheikh Faisal bin Thani Al Thani said the bank is building “a balanced, asset-backed platform” and does not depend on any one market or type of asset.

The third quarter kept the pace. On our calculation, Lesha earned 86.7 million riyals from July to September. That was 50.3 percent more than a year earlier, also on our calculation. Total income for the quarter came to 160.4 million riyals, 34.2 percent above the average quarter of the first half, on our calculation. On our calculation, profit took 54.1 percent of that income, against 51.7 percent in the first half. Assets under management grew by 4.4 billion riyals in the quarter alone, a 22.9 percent rise on our calculation. On our calculation, they now equal 2.29 times the bank’s total assets of 10.3 billion riyals. Group chief executive Mohammed Ismail Al Emadi said the bank deployed capital selectively, strengthened its deal pipeline and grew its client base.

Medicare Group’s nine-month net profit rose to 111.2 million riyals from 62.1 million. Earnings per share climbed to 0.395 riyals from 0.221 riyals. The third quarter did most of the work. First-half profit had grown 23.9 percent on our calculation, to 51.1 million riyals. On our calculation, Medicare then earned 60.1 million riyals in the third quarter. That was 2.89 times its profit in the same quarter of 2025, on our calculation. On our calculation, that single quarter beat the whole first half by 17.7 percent. The company’s exchange summary prints no revenue figure and no explanation for the jump.

Nine-month net profit at four Qatari listed companies

Net profit for the nine months to 30 September 2026 as disclosed by each company on the Qatar Stock Exchange; Lesha Bank’s figure is attributable to its shareholders. Changes are our calculation.

Lesha Bank, half year against nine months

From Lesha Bank’s results releases of 22 July and 22 October 2026. Return on average equity was 18.3 percent for the nine months; the half-year release gave a return on equity of 16.2 percent.

QNB widens its Japanese funding base as Doha Bank arranges investor calls

QNB Group completed its second Qatari riyal Shogun bond, a 3-year issue of 750 million riyals placed with a diversified base of Japanese investors. In its exchange statement on 22 October, the bank called it the largest riyal-denominated Shogun issue to date. The first came in the first quarter of 2025. QNB said the second deal takes forward its strategy of diversifying funding sources and widening its access to Japanese investors. Sumitomo Mitsui Banking Corporation arranged the issue.

Doha Bank is preparing for a possible dollar bond. On 21 October it mandated 12 banks on our count, QNB Capital among them, as joint lead managers and bookrunners for a series of fixed income investor calls. A 5-year benchmark dollar bond under its Euro Medium Term Note Programme may follow, subject to market conditions, the bank said.

Ezdan’s third quarter picks up speed

Ezdan Holding Group reported nine-month net profit of 643.9 million riyals, up from 587.5 million. Earnings per share rose to 0.024 riyals from 0.022 riyals. Growth quickened after midyear. Ezdan’s first-half profit had risen 4.5 percent on our calculation, to 442.0 million riyals. Its third-quarter profit came to 201.9 million riyals, on our calculation. That was 22.7 percent more than a year earlier, also on our calculation.

Ezdan’s own fact sheet repeats the nine-month net profit of 643.9 million riyals. It puts total operating revenue for the same period at 1.405 billion riyals. Rent made up 95.9 percent of that revenue, on our calculation. Operating profit was 82.4 percent of revenue, on our calculation. Net profit kept 45.8 percent of it, also on our calculation. Total assets stood at 46.0 billion riyals. Islamic borrowing of 11.4 billion riyals equalled 24.9 percent of that, on our calculation. The sheet prints no prior-year figures, so it shows no change in revenue. The exchange summary gives no reason for the profit growth.

Medicare leads the third-quarter table

Third-quarter net profit, on our calculation

Nine-month net profit less first-half net profit for each year, as published by each company.

Qatari Investors Group moved the other way. Its nine-month net profit fell 20.1 percent on our calculation, to 81.5 million riyals. The gap narrowed as the year went on. Third-quarter profit was 14.9 percent lower than a year earlier on our calculation, against a 22.4 percent shortfall in the first half.

Earlier Qatari filings, GWC’s among them, ran in our 21 October Gulf results roundup.

Why it matters: Medicare and Ezdan grew much faster after midyear than before it, on our calculation. Lesha kept its profit growth above 50 percent in both the first half and the third quarter, on our calculation. QNB, which describes itself as one of the largest financial institutions in the Middle East and Africa, has widened its access to Japanese investors for funding in its home currency.

Outlook: The next test for Medicare and Ezdan is whether the third-quarter pace carries into their full-year accounts. Lesha said it enters the final quarter with a strong capital position and room to take up new opportunities. For Doha Bank, the next step is whether a 5-year dollar bond follows its investor calls.

Sources: Qatar Stock Exchange, Lesha Bank, Ezdan Holding Group, QNB Group, Doha Bank, The Edge.

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