With exceptions including Oman and Kuwait, the aggregate profitability of all GCC countries increased, the report said.
By country, all GCC stock markets managed to enhance their bottom lines by the end of 2011, barring the Omani and Kuwait markets, with their corporate profitability declining by 5.5 percent and 4.7 percent YoY respectively.
The Bahrain market had the best performance among its regional peers, with its corporate profitability increasing by 175.3 percent YoY, the report added.
By sector, 2011 aggregate net profits for GCC Banking sector increased by 15.4 percent YoY. Industrial sector was also a notable gainer, with its aggregate net profit increasing by 47.9 percent YoY by the end of 2011.
On the negative side, aggregate net profit of GCC Insurance stocks retreated by 20.4 percent YoY, as it dropped from $799.4 million in 2010 to $636.1million in 2011.
Saudi Arabia: Aggregate net profit of Saudi corporates reached $24,911.1 million by the end of 2011, up by 20.1 percent YoY. Out of the 144 companies that are covered in this report, 90 companies managed to improve their bottom lines in 2011, including 9 companies that swung from losses in 2010 to gains by the end of 2011. Meanwhile, 32 companies reported decreased profitably and 34 companies reported loss.
By sector, 10 out of the 15 sectors of the market managed to enhance their bottom lines by the end of 2011, compared to the previous year, while 5 sectors reported a decline in their net profit. Net income of petrochemical Industries sector grew by 38.0 percent YoY by the end of 2011.
Petrochemicals 4Q2011 results were lesser than our estimates. Nevertheless, higher product prices in 2011 raised the full year income to SR29.2 billion compared to the net income of SR21.5 billion in 2010, an increase of 36 percent. Company expects prices and demand for petrochemicals to improve toward the end of 2012 and next year to be exactly like 2011.
Most Saudi lenders posted higher earnings in 2011 due to lower provisions and higher income from lending activities. The banking and financial services sector posted a 16.5 percent jump in 2011 net profit YoY, with 10 out of the 11 listed banks posting higher net profit.
Aggregate net profit of the telecom sector declined by 4.1 percent YoY by the end of 2011, as it declined from $3,009.9 million in 2010 to $2,886.9 million in 2011.
Bahrain: Aggregate corporate profits announced by Bahraini companies stood at $2,454 million in 2011, up from $891.6 million in 2010 (+175.3 percent YoY).
Three sectors managed to enhance their bottom lines by the end of 2011, while the remaining three sectors witnessed a drop in their net profit. Investment sector posted the highest advance, recording a net profit of &604.3 million for FY2011, compared to a net loss of $791.7 million for 2010.
Industrial sector was the biggest gainer, with its net profit of listed banks growing in high percentages YoY. Commercial Banks sector also posted positive results, with the aggregate percent YoY. On the negative side, hotel and tourism sector saw its profitability dip by 47.9 percent YoY. Service sectors followed, with the net profitability retreating by 11.9 percent.
Kuwait: Kuwait Stock Exchange (KSE) concluded FY2011 with a negative performance reflected on the main market indices, which reported losses in 2011 after several factors affected the local bourse. As a result, the market weighted Global General Index, ended 2011 down by 19.78 percent. Aggregate net profit of listed Kuwaiti companies for FY2011 stood at $4.3billion, down by 4.7 percent YoY, compared to $4.5 billion net profit for the last year.
Oman: By the end of 2011, the overall profitability of companies listed in Muscat Securities Market (MSM) in 2011 regular market (excluding companies with fiscal year not ending on December 31) reported a decline of 5.47 percent reaching, $1,428.6 million compared to $1,511 million reported in 2010. The industrial sector posted the steepest decline in profitability, down by 29.5 percent. On the other hand, net profit of services and insurance sector rose by 7.9 percent YoY, being the only gainer for the FY 2011.
Qatar: A total of 33 companies listed on Qatar Exchange reported an aggregate net profit of $9,843.2 million for 2011 compared to a net profit of $7,650.9 million achieved in 2010, a growth of 28.7 percent, which reflects the strength and rigidity of by the country's economy.
During 2011, twenty-seven companies recorded higher earnings, against six companies that have reported decline in profits, while one company incurred losses.
Qatari banks reported a 21.3 percent growth in 2011 net profits, reaching $4,109.1 million, compared to $3,387.2 billion recorded a year earlier, accounting for 41.8 percent of the total profit of the market.
All eight banks reported growth in their FY2011 results with rates ranging between 7.3 percent for Al-Ahli Bank and 31.5 percent for Qatar National Bank (QNB).
UAE:  Aggregate net profit of the UAE corporate reached $9,270.1 billion by the end of 2011, up by 88.6 percent YoY.
Abu Dhabi Stock Exchange, a total of 51 companies, covered in this report, reported an aggregate net profit of $7,105.4 million for 2011 compared to a net profit of $3,099.2 million achieved in 2010, a growth of 129.3 percent.
On the other side, a total of 33 companies listed on DFM, that were covered in the report, posted an increase of 19.3 percent in their FY2011 net profit, to $2,164.7 million compared to $1,814.9 million that was achieved in 2010.