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FINANCIAL NEWS
Earnings of GCC firms up 4.5% in 2012
16 Apr 2013
(MENAFN) Global Investment House stated that in 2012, earnings of firms in the Gulf Cooperation Council (GCC) went up by an average of 4.5 percent from 2011 to USD55.4 billion, reported Arabian Business.
The Kuwait-based firm added that earnings of Saudi companies represented 46 percent of total earnings in the region, with UAE firms coming second, accounting for 21.2 percent, followed by Qatar, with a contribution of 18.7 percent.
It said that consolidated earnings by firms on the Saudi Arabian exchange TASI were steady, at USD25.5 billion, whereas earnings by UAE companies grew by 28.8 percent, driven by real estate markets in both Abu Dhabi and Dubai.
Meanwhile, Kuwaiti companies posted a growth of 12 percent in earnings, while Omani firms reported a rise of 14.3 percent.
However, earnings of Bahraini and Qatari companies declined by 34.6 percent and 0.3 percent respectively.
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