Monday, 8 June 2026
Companies listed on Gulf Cooperation Council (GCC) stock exchanges reported a record quarterly profit of USD 67.9 billion in the first quarter of 2026, representing a 15.5% increase compared with USD 58.8 billion during the same period a year earlier. The strong performance was primarily driven by higher earnings from energy companies, particularly Saudi Aramco, alongside continued growth in the banking sector and improved results from food and beverage companies.
According to the GCC Corporate Earnings Report published by Kamco Invest, total revenues generated by listed companies across the region increased by 7.7% year-on-year to USD 353.3 billion during the quarter. The rise in profitability was broad-based, although gains were partly offset by weaker performances in the telecommunications and transportation sectors.
Saudi Arabia remained the dominant contributor to regional earnings growth. Listed companies in the kingdom generated USD 44.4 billion in net profits during Q1 2026, an increase of 22.2% compared with the previous year. Saudi Aramco was the largest single contributor, reporting net earnings of USD 32 billion, supported by higher oil prices, increased sales volumes and stronger downstream operations.
The GCC banking sector also delivered another strong quarter, with aggregate profits reaching USD 16.9 billion, up 5.1% year-on-year. Banks benefited from continued lending growth across the region, lower impairment charges and resilient non-interest income. Outstanding credit facilities across the GCC exceeded USD 2.1 trillion, reflecting continued demand for financing despite regional uncertainties.
Dubai-listed companies reported net profits of USD 6.8 billion, an increase of 12.3%, supported by strong performances from real estate, utilities and banking companies. Emaar Properties and Emaar Development were among the key contributors, benefiting from sustained demand in the UAE property market and successful project launches. Abu Dhabi-listed firms recorded a 16.1% increase in earnings to USD 10.6 billion, with banking, food and beverage, and capital goods companies delivering the strongest growth.
Not all GCC markets shared in the growth. Kuwait experienced the sharpest decline, with aggregate profits falling nearly 49% to USD 1.2 billion. The drop was largely attributed to a significant one-off loss reported by Agility Public Warehousing Company following provisions related to investment property assets. Despite this, Kuwaiti banks and telecommunications companies posted positive earnings growth during the quarter.
Qatar also reported weaker results, with total profits declining 3.3% year-on-year to USD 3.5 billion. Lower earnings in the energy, materials and banking sectors weighed on overall performance, although gains in telecommunications and real estate partially offset the decline. Geopolitical tensions and regional conflict were cited as factors affecting operations, logistics and sales across several industries.
Meanwhile, Bahrain and Oman recorded more moderate growth. Bahrain-listed companies increased profits by 17.6% to USD 549.8 million, supported by strong performances in materials and financial services. Oman-listed firms reported earnings growth of 4.0%, reaching USD 838.5 million, with banks and energy companies remaining the main contributors.
The report highlights the continuing importance of the energy sector to GCC corporate performance. Energy companies generated USD 35.7 billion in profits during the quarter, compared with USD 28.4 billion a year earlier, while banking remained the second-largest contributor to regional earnings. Despite ongoing geopolitical challenges and disruptions to trade and logistics in parts of the region, the GCC corporate sector entered 2026 with its strongest quarterly profit performance on record.
