GCC corporate profits hit 12-quarter high on banking, real estate surge

RIYADH: Corporate earnings across the Gulf climbed to a 12-quarter high in the third quarter as stronger banking and real estate profits offset weakness in telecom and utilities, a new analysis showed.

In its latest earnings review, Kamco Invest said aggregate net income for listed companies in the Gulf Cooperation Council saw an annual rise of 7.9 percent to $65.6 billion, up from $60.7 billion a year earlier.

Profits also jumped 15.7 percent from the previous quarter, marking one of the strongest sequential gains since 2022, the Kuwait-based investment firm added.

The report highlighted that the annual increase was “mainly led by higher profits for the banking and real estate sectors,” which successfully offset declines in the telecom and utilities sectors. A marginal recovery in the energy sector, following a previous quarterly decline, also contributed to the strong aggregate performance.

At the country level, the UAE led with the biggest absolute growth in profits, followed by Kuwait and Saudi Arabia.

GCC corporate profits hit 12-quarter high on banking, real estate surge

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