An economic report showed that the profits of the Gulf companies listed in the capital markets increased during the third quarter of 2021, by 123.4%, amid the recovery from the repercussions of Corona and the rise in oil prices.
According to a report by the Kuwaiti Kamco Invest Company (Private), on Sunday, net profits of companies rose to 55.5 billion dollars in the third quarter, compared to 24.8 billion dollars in the same period of the previous year.
The report stated that this increase reflects a positive growth in the profits of the seven stock exchanges, and Kuwait came in the lead during the first quarter with a total net profit of $5.6 billion, an increase of nearly six times.
The profits of companies listed on the stock exchanges of Saudi Arabia, Dubai and Bahrain more than doubled during the quarter, while Omani companies recorded a marginal growth of only 1.2 percent.
The report continued: “The rise in the profitability of Gulf companies during this quarter reflects the acceleration of the growth of economic activity at the regional level, with the PMI readings in Saudi Arabia and the UAE rising at a steady pace.”
The company listed on the Saudi market – the largest market in the region, recorded a profit of $38.7 billion, compared to 17.3 percent in the third quarter of 2020.
The profits of companies listed on the Abu Dhabi market amounted to 4.4 billion dollars, while the profits of companies in Dubai amounted to 2.3 billion and Qatar 3.3 billion dollars.
Bahraini companies recorded profits of 700 million dollars and Oman 400 million dollars.
The performance of the market sectors was similar to the previous quarter, as energy, banking, and raw materials companies came in the lead in terms of quarterly net profit growth.
The net profits of Gulf companies doubled during the first nine months of 2021 to reach $139.1 billion, compared to $65.6 billion in the same period of the previous year.