A recent economic report by Kamco Invest reveals that listed companies in the Gulf region's stock markets achieved a net profit of $56.4 billion in the first quarter of 2024. This growth was driven by increases in the banking, food, and real estate sectors, as reported by Emirates News Agency on May 23, 2024.

 

According to the report, companies listed on the UAE stock markets posted a total profit of $13.3 billion for Q1, with $7.9 billion from the Abu Dhabi Securities Exchange and $5.4 billion from the Dubai Financial Market. Saudi-listed companies reported profits of $36.2 billion, Qatar-listed companies $3.6 billion, and Kuwait-listed companies $2.4 billion.

 

The report also highlighted a 3.6% year-on-year increase in net profits for real estate companies in the Gulf region, reaching $1.9 billion in the first quarter. Profits for real estate companies in Abu Dhabi and Kuwait surged by 50.5% and 23.4%.

 

Additionally, banks listed on the Abu Dhabi Securities Exchange recorded the highest profits in Q1, totaling approximately $2.3 billion, driven by profit increases across all listed banks. The energy sector reported profits of $2.1 billion, while the food and beverage sector achieved total profits of $1.3 billion.

 

The report further indicated that companies listed on the Dubai Financial Market saw a 9.2% year-on-year increase in net profits for the first quarter. Specifically, the banking, basic materials, and telecommunications sectors accounted for 82% of the total profits this quarter.