GCC listed firms see profits rise in 2011

The aggregate net profit of GCC listed companies rose 29.8 percent in 2011 to $52.2bn, according to a report by Global Investment House. With the exception of Kuwait and Oman, the aggregate profit of all GCC countries increased, the report said. Net profits for the GCC banking sector saw the biggest rise of 15.4 percent year-on-year, while the industrial sector also climbed higher, with net profits up by almost half. By country, Bahrain’s bourse had the best performance across the region, with corporate profitability up 175 percent, boosted by Gulf Finance House. The UAE also had strong results, as companies based in the emirates saw profits surge by 88.6 percent during the year. For the Abu Dhabi Stock Exchange, 51 out of 84 companies in the report recorded an aggregate net profit of US$7.1bn for 2011, compared to a net profit of US$3.1bn in 2010, a growth of 129.3 per cent. A total of 33 companies listed on Dubai bourse also saw a rise of 19.3 per cent in their net profit, from US$1.81bn in 2010 to US$2.16bn last year. Companies from Saudi Arabia also saw figures increase. Profits among Qatari firms were up 28.7 percent, whilst firms based in the Kingdom saw incomes rise 20.1 percent. Oman and Kuwait stocks were down 5.5 percent and 4.7 year-on-year respectively.