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FINANCIAL NEWS
GCC corporate earnings hit USD34b in H1
27 Aug 2015
(MENAFN) According to Kuwait Financial Center (Markaz), GCC’s corporate earnings amounted to USD34 billion in the first six months of the year, due to strong performance from banks and real estate.
Qatar topped the earnings growth list, with an expansion of 13 percent. However, the figure marked a decline of 7.2 percent on-year. Total net profits for banks stood at USD16.7 billion, up 9 percent on-year.
Earnings in Kuwait and Saudi contracted by 19 percent and 16 percent, respectively, in the period, while UAE, Bahrain and Oman also registered negative earnings growth of 2 percent, 5 percent and 7 percent, respectively.
Real estate and banking sectors have been the spurring factor in the region in the first half, registering growth of 44.5 percent and 9 percent, respectively, while the real estate sector had a great run in the period.
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