Companies listed on GCC stock exchanges achieved substantial earnings of $60.7B between April and June, as reported by Kamco Investment Company.
The combined net profits of companies listed on GCC exchanges grew by 5.7% year on year (YoY) during Q2 2024, driven by widespread growth across most markets in the region.
Kuwait-based Kamco noted an 8.1% quarter on quarter (QoQ) growth, with total net profits rising for the second consecutive quarter to $60.7B in Q2 2024, compared to $56.2B in Q1 2024 and $57.4B in Q2 2023.
GCC Stock Exchange Growth
Regionally, Dubai reported the second-highest YoY profit growth (following Bahrain) at 30.9%, reaching $6.7B in Q2 2024, primarily due to accounting adjustments and restructuring by DSI.
The report highlighted that Bahrain also saw double-digit YoY profit growth during the quarter, followed by low to mid-single-digit profit growth in other GCC countries.
Key sectors such as Banking and Telecom experienced profit growth of 10.8% and 15.8%, respectively, while the Materials and Real Estate sectors exhibited even stronger growth of 45.6% and 23.9%, respectively.
In terms of H1 2024 performance, net profits for GCC-listed companies remained nearly flat, with a slight increase of 0.1% to $116.9B, compared to $116.8B in H1 2023.
This marginal growth reflected a mixed trend at the country level, with Saudi and Abu Dhabi-listed companies reporting declines in net profits of 2.7% and 2.2%, respectively, which were entirely offset by higher total profits in other GCC countries.
The report concluded that Dubai once again showed the largest YoY growth of 20% during H1 2024.