On a regional level, companies listed on the Dubai Financial Market achieved the second-largest annual profit increase of 30.9%, with their profits reaching $6.7 billion in the second quarter of 2024. The total net profit announced by companies on Gulf Cooperation Council (GCC) exchanges saw a year-on-year growth of 5.7% in Q2 2024, driven by broad-based growth across most markets in the region.
According to a report by Kamco Invest, a non-bank financial company based in Kuwait, quarterly growth was 8.1%, with total net profit for the second consecutive quarter rising to $60.7 billion, compared to approximately $56.2 billion in Q1 2024 and around $57.4 billion in Q2 2023.
In the region, Dubai recorded the second-largest annual profit increase after Bahrain, at 30.9%, reaching $6.7 billion in Q2 2024, as reported by the UAE News Agency (WAM). The report noted that companies in Bahrain also achieved double-digit profit growth this quarter, followed by single digit to moderate increases in profits in the rest of the GCC countries. The profit growth highlighted the broad increase in profits across most sectors in the GCC.
Key sectors such as banking and telecommunications saw profit growth of 10.8% and 15.8%, respectively, while the materials and real estate sectors experienced stronger growth at 45.6% and 23.9%, respectively. For the first half of 2024, the net profits of listed companies in the GCC remained nearly stable with a marginal increase of 0.1%, reaching $116.9 billion compared to $116.8 billion in the first half of 2023.
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