GCC-listed companies experienced a notable profit surge in the second quarter of 2024, with aggregate net profits rising by 5.7% year over year. This growth was fueled by strong performance across various regional sectors and markets.

According to a report by Kamco Investment Company, GCC companies reported total net profits of $60.7 billion in Q2 2024, marking an increase from $56.2 billion in Q1 2024 and $57.4 billion in Q2 2023.

Dubai emerged as a standout performer, with a 30.9% year-over-year profit increase, primarily driven by accounting adjustments and restructuring by DSI. Other GCC countries also experienced strong profit growth, with Bahrain reporting double-digit increases and most sectors showing broad-based improvements.

Key sectors such as Banking and Telecoms saw growth of 10.8% and 15.8%, respectively. Meanwhile, Materials and Real Estate posted stronger gains of 45.6% and 23.9%. The Capital Goods sector led with a notable 68.3% increase in profits, driven by DSI-related accounting adjustments.

For the first half of 2024, net profits for GCC-listed companies were relatively flat, rising by just 0.1% to $116.9 billion. Although Saudi Arabia and Abu Dhabi experienced declines in profits, other countries offset these losses, contributing to overall stability. Dubai continued to excel, showing a 20.0% year-over-year profit increase for the first half of 2024.

Now accepting applications for Fast Company Middle East’s Most Innovative Companies. Click here to apply.