2023-08-30 21:44:36
Companies listed on the GCC stock exchanges achieved net profits of $57.9 billion in the second quarter of this year. Kamco Invest’s report indicated that the net profit of the Gulf banking sector continued to grow during the second quarter of this year, supported by an increase in net interest and non-interest income. The report indicated that the high interest rate and its rates reaching their highest levels recorded over decades contributed to boosting interest revenues, following the US Federal Reserve began the process of raising interest rates to curb inflation. The report pointed out that the revenues of Gulf banks amounted to $13.5 billion, with a growth of 2.2% on a quarterly basis and by 22.6% on an annual basis during the second quarter of 2023.
Dubai
Profits of companies listed on the Dubai Financial Market increased by 28.6% on an annual basis, to $5 billion in the second quarter of 2023, compared to $3.9 billion in the second quarter of 2022. Profits growth during this quarter was mainly supported by the performance of the sectors of banks, transport and communications companies. The three sectors accounted for 65% of the total profits of the Boursa during this quarter.
The net profit of the banking sector increased by regarding $1.1 billion in the second quarter of 2023 to reach $2.9 billion, compared to $1.8 billion in the second quarter of 2022. The increase in the total profit of the sector is mainly due to the increase in Emirates NBD’s profits by 74.3% over a period The second quarter of the year 2023. The bank’s profits in the second quarter of the year 2023 reached $1.7 billion, compared to $952.9 million in the same period of the year 2022. The total profit of the transport sector increased by 26.7% on an annual basis in the second quarter of the year 2023, to reach $208.3 million, compared to $164.3 million in the second quarter of 2022.
Abu Dhabi
The companies listed on the Abu Dhabi Securities Exchange witnessed a decline in their net profits by 3.4% on an annual basis in the second quarter of 2023, reaching $8.0 billion, compared to $8.2 billion in the second quarter of 2022. The net profit of the banking sector in Abu Dhabi grew to 2.3%. $1 billion compared to $1.6 billion in the second quarter of 2022, with an annual growth of $643.9 million, or 39.8%.
Saudi Arabia
The net profit of companies listed on the Saudi Stock Exchange witnessed a sharp decline by 35.3%, to reach $38.6 billion in the second quarter of 2023, compared to $59.6 billion in the second quarter of 2022. The decline in profits for the second quarter of 2023 was mainly driven by a decrease in the profits of the sector. Energy, whose profits decreased by 38.2% to reach $28.9 billion, compared to $46.8 billion in the second quarter of 2022.
Kuwait
Profits of companies listed on the Kuwait Stock Exchange increased by 33.7% on an annual basis during the second quarter of 2023, reaching $2.24 billion, compared to $1.67 billion in the second quarter of 2022. The profits of the Kuwaiti Stock Exchange were mainly affected by the increase in the total profit of the banking sector, which recorded It grew by 54.2% to reach $1.42 billion in the second quarter of 2023, compared to $920.9 million in the second quarter of 2022.
Qatar
Total profits of companies listed on the Qatar Stock Exchange decreased by 18.2% in the second quarter of 2023 to reach $3.2 billion, compared to $3.9 billion in the second quarter of 2022. In the first half of 2023, companies recorded a net profit of $6.6 billion, compared to $7.8 billion. billion dollars, down by 14.9%.
the two seas
The total net profit of listed companies in Bahrain in the second quarter of 2023 decreased by 58% year-on-year to $413.2 million, following four of their main sectors recorded a decrease in net profit during the quarter.
Oman
The net profit of companies listed on the Muscat Securities Market decreased by 3.5% year-on-year to $491.5 million in the second quarter of 2023, compared to $509.3 million in the corresponding quarter of 2022.
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