Aggregate 1Q2012 net profit of GCC listed corporate increased 12.9 percent YoY

The three months ending March-2012 witnessed an increase in profitability of GCC companies. The total net income of GCC companies for that period was USD14.5bn, a 12.9 percent increase over the March-2011 level of USD12.9bn. The study covers 543 locally listed companies, in which 39 companies are from Bahrain, 160 from Kuwait, 65 from Oman, 41 from Qatar, 144 from Saudi Arabia, and 94 from UAE. The study excludes companies that have not reported their financial results, dual listing companies and companies whose fiscal year does not end on 31st of December.

By country, all GCC stock markets managed to enhance their bottom lines by the end of March 2012, barring the Bahrain Bourse, with its corporate profitability declining by 0.9 percent YoY.

By sector, 1Q2012 aggregate net profits for GCC Banking sector increased by 9.9 percent YoY. Insurance sector was also a notable gainer, with its aggregate net profit increasing by 34.7 percent YoY by the end of 1Q2012.

On the negative side, aggregate net profit of GCC services stocks retreated marginally by 0.2 percent YoY, as it dropped from USD445mn in 1Q2011 to USD444.3mn in 1Q2012.