GCC corporates managed to post good financial results last year with the Bahrain market achieving the best performance with its corporate profitability increasing by 175.3 per cent, said a report.

Aggregate net profit of all GCC listed stocks stood at $52.21 billion in 2011, up 29.8 per cent year-on-year, according to a research by Global Investment House.

With exception of Oman and Kuwait, the aggregate profitability of all GCC countries increased.

However, if Gulf Finance House's profit and loss figures are excluded from the calculation, Bahrain's corporate profitability increased by 36.5 per cent in 2011.

By sector, 2011 aggregate net profits for the GCC banking sector increased by 15.4 per cent and the industrial sector was also a notable gainer, with its aggregate net profit increasing by 47.9 per cent

On the negative side, aggregate net profit of GCC insurance stocks retreated by 20.4 per cent.

'Corporate results for listed companies in Bahrain Bourse had general good results due to the big transfer that occurred in Gulf Finance House's financial results,' the report said.

'Otherwise, the unrest in Bahrain during the year affected negatively several sectors in the market such as services sector that witnessed cancellation of several big events in Bahrain such as Formula 1.

'The hotel and tourism sector was the biggest loser during 2011 due to unrest in the country,' the report added. – TradeArabia News Service