Middle East Business

Gulf listed companies post a record 74.8 billion dollar quarter, with real estate, materials and transport among the gainers

By Staff Writer  |  7 September 2026

Aggregate net profit across the seven Gulf exchanges rose 31.3 per cent year on year in the second quarter of 2026, on figures published on 6 September. Saudi-listed companies earned 45.3 billion dollars of the total, listed banks reached a record 17.8 billion dollars, and Bahrain's sole materials company multiplied its profit 2.6 times.

Companies listed on the exchanges of the six Gulf Cooperation Council states earned a record 74.8 billion dollars of net profit in the second quarter of 2026, according to an analysis by Kamco Invest published on 6 September 2026. The total is up 31.3 per cent on the same quarter of 2025 and up 10 per cent on the first quarter of this year. Aggregate revenue rose 17 per cent year on year to 381.6 billion dollars; excluding Saudi Aramco, the region's revenue growth was 11.4 per cent.

The analysis attributes the rise principally to the energy and banking sectors, with the increase in average crude prices outweighing reduced export volumes from the region. Energy profits rose 41.6 per cent to 36.2 billion dollars, with 20 of the 31 listed energy companies reporting increased earnings. Listed banks earned a record 17.8 billion dollars, up from 16.6 billion dollars, and six of the seven country aggregates rose.

Higher oil prices clearly provided a major tailwind, with energy-sector profits rising more than 40 percent, but earnings growth across several other sectors shows that corporate activity remains resilient.

Tony Hallside, Founder and Senior Executive Officer of STP Partners

Market by market

Saudi-listed companies contributed 45.3 billion dollars, up 36.7 per cent from 33.2 billion dollars a year earlier, with energy, banking and materials making up 92 per cent of the kingdom's total. Saudi Aramco's net profit rose 42 per cent as its realised crude price climbed from 66.7 dollars a barrel in the second quarter of 2025 to 108.1 dollars. Saudi banks earned 6.6 billion dollars, up 8.3 per cent, with Al Rajhi Bank at 1.9 billion dollars and Saudi National Bank at 1.8 billion dollars.

Abu Dhabi-listed companies rose 41.8 per cent to 14.7 billion dollars and Dubai-listed companies 4.9 per cent to 6.9 billion dollars. Kuwait recorded the largest percentage increase, almost doubling to 3.1 billion dollars, a comparison flattered by losses from discontinued operations at Agility in the year-earlier quarter. Omani companies rose 24.2 per cent to 1.4 billion dollars, and Omani banks led the regional banking sector with profit growth of 9.9 per cent. Bahrain's aggregate was steady at 572.2 million dollars against 574.4 million dollars a year earlier, while Qatar's aggregate came in at 2.9 billion dollars, down 20 per cent, even as its real estate, materials and transportation sectors grew.

The sectors this readership builds for

Beyond energy and banking, the analysis records increased second-quarter profits in real estate, materials, capital goods and transportation, and food, beverage and tobacco doubled to 3.9 billion dollars. Telecommunications grew modestly. Utilities, food and staples retailing, and media and entertainment declined.

The clearest materials story is in Bahrain, where the sector consists of one company, Alba. Its second-quarter profit rose to 172.1 million dollars from 65.1 million dollars, and its first-half profit to 370.6 million dollars, up 227.4 per cent, on rising global aluminium prices and supply deficits that outweighed reduced local production and sales volumes. For contractors pricing structural and cladding packages, the direction of aluminium is now visible in the producers' accounts as well as on the exchanges.

Across the first half of 2026, aggregate net profit for the region's listed companies rose 23.1 per cent, or 26.8 billion dollars, to 142.81 billion dollars, led by growth of almost 30 per cent in Abu Dhabi and Saudi Arabia and 14.6 per cent in Oman.

What the figures do not show

These are aggregates of listed companies only. Most contractors, consultants and developers in the region are private or state-owned and appear nowhere in them, so the totals measure the listed economy rather than the construction market. The two sources give Saudi Aramco's quarterly net profit as 32.4 billion dollars and 32.3 billion dollars respectively, so the exact figure is not repeated here. The analysis does not break real estate, capital goods or transportation profits down by country.