GCC firms expected to post 8% gain in 2012’s earnings

14 Sep 2012

(MENAFN) Kuwait Financial Centre (Markaz) stated that in the current year, corporate earnings in the countries of the Gulf Cooperation Council (GCC) are expected to rise by 8 percent, reported Arabian Business.

In its report, Markaz said that earnings of Saudi companies would post a gain of 9 percent, reaching USD27 billion, while earnings if UAE firm would reach USD10.8 billion, with a growth of 11 percent, however, Kuwaiti firms are expected to report a decline of 5 percent, with their earnings reaching USD3.9 billion.

It said that during the second quarter, earnings of GCC firms fell by 1 percent from 2011’s same period to USD13.8 billion, led by a 6 percent decline reported by Saudi firms to USD6.5 billion.

Moreover, Kuwait reported a 27-percent fall, to USD811 million and Bahrain declined 29 percent to USD370 million.

Nevertheless, earnings of UAE companies jumped 12 percent to USD3 billion, while earnings of Qatari firms were up by 8 percent to USD2.6 billion and Omani corporate earnings surged 56 percent, reaching USD469 million.

It is worth noting that in the second quarter, earnings of the banking sector went down 7 percent to USD1.6 billion, whereas those of the telecom sector increased 22 percent to USD597 million.

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