GCC log 6.1 percent drop in companies’ income in Jan-Sep
11 Dec 2015
(MENAFN) The GCC corporate revenues dropped 6.1 percent y-o-y to USD52.4 billion by Sept, dragged down by weak income generation by firms in Saudi Arabia and the UAE, based on reports.
Qatar was the only nation to record a climb in earnings, while Saudi Arabia’s declined 12.4 percent y-o-y, plus Abu Dhabi and Dubai posted falls of 9.3 percent and 3.1 percent respectively.
Although the UAE was the best-performing market in the GCC throughout 2014, Qatar did better over Jan-Sept period, mainly attributed to strong growth in the Real Estate sector’s earnings.
Furthermore, the Banks sector was the biggest contributor to earnings with 68.8 percent, followed by the Telecommunications at 21.2 percent and Real Estate contributing to 6.8 percent.