https://arab.news/b22dk
RIYADH: Companies listed across the Gulf Cooperation Council posted a record $67.9 billion in net profits in the first quarter of 2026, up 15.5 percent year on year, driven by stronger energy and banking sector earnings.
The growth was led by higher profits in the energy sector — particularly Saudi Aramco — alongside gains in banking, food and beverage, and capital goods, according to a report by Kamco Invest.
The Kuwait-based investment firm said aggregate profits reached a new quarterly high during the first three months of the year, while revenues across GCC-listed companies increased 7.7 percent year on year to $353.3 billion.
The strong figures underscore the resilience of GCC corporates even as the regional conflict continues to rattle investor sentiments in the region.
“In terms of sequential performance, the growth in profits was even higher at over 40 percent vs. the fourth quarter of 2025 and was once again led by higher profits for the energy sector coupled with growth in profits for companies in the materials and banking sectors,” said Kamco Invest.
It added: “The q-o-q growth was partially offset by a fall in profits for the real estate and F&B sectors.”
Saudi Arabia was the biggest contributor to the earnings growth, with listed companies in the Kingdom posting net profits of $44.4 billion in the first quarter, up 22.2 percent from a year earlier.
Saudi Aramco, the region’s largest listed company, reported adjusted net income of $33.6 billion in the first quarter, up 26 percent year on year. The state-owned oil giant posted net income of $32.5 billion for the three months ended March 31, compared with $26 billion in the corresponding period of 2025.
Aggregate net profits among Saudi banks increased 7.7 percent to SR24 billion ($6.4 billion), with strong gains from Al Rajhi Bank, Saudi National Bank, and Bank Albilad.
Net profits for the telecom sector in the Kingdom grew 6.3 percent year on year to $1.3 billion in the first quarter of 2026, compared with $1.2 billion during the same period a year earlier.
Elsewhere in the Gulf, Abu Dhabi saw profits rise 16.1 percent year on year to $10.6 billion, while Dubai recorded a 12.3 percent year-on-year increase to $6.8 billion.
Bahrain and Oman posted gains of 17.6 percent and 4 percent, respectively.
Qatar and Kuwait were the only GCC markets to report lower earnings during the quarter. Profits in Qatar fell 3.3 percent year on year, while Kuwait recorded a sharper decline of 48.9 percent.