RIYADH: The Gulf Cooperation Council-listed companies hit a record aggregate profit of $65.4 billion in the first quarter, supported by a recovery in economic activities, said a report issued by Kamco Invest.
This is up from $51.5 billion on a sequential basis, while year-on-year growth was even stronger at 67 percent from $39.2 billion during the period.
In Saudi Arabia, profits of listed firms grew by 73 percent to $49.8 billion in the last quarter, accounting for the largest share of the GCC aggregate profits.
The report explained that the earnings beat was backed by a growth in profit across all sectors except for the consumer durables and apparels segment.
It added that Purchasing Managers’ Index figures for Saudi Arabia, the UAE, Dubai, and Qatar consistently stayed above the growth mark of 50 during the quarter, which also helped boost profits.
