Companies listed on GCC exchanges reported aggregate net profits of $74.8 billion in the second quarter of 2026, up 31.3% from a year earlier and 10% from the previous quarter, marking a second consecutive quarter of year-on-year growth and a new record high, according to Kamco Invest, a regional non-banking financial powerhouse.

The sharp increase was driven largely by higher crude oil prices amid regional geopolitical tensions, which more than offset a decline in crude exports. Brent crude spot prices rose 27% year-on-year for the second consecutive quarter, helping more than a third of listed regional energy companies report higher earnings, it stated.

At the country level, profit growth was led by Kuwait, Saudi Arabia, Abu Dhabi and Oman, where companies posted double-digit year-on-year increases. 

Companies listed on the Dubai Exchange reported a 4.9% rise in profits, while Qatari and Bahraini companies saw earnings decline 20.0% and 0.4%, respectively, it added.

Kuwaiti companies recorded the biggest percentage increase, with aggregate net profit nearly doubling to $3.1 billion. The increase was largely due to losses from discontinued operations reported by Agility in the second quarter of 2025, which had weighed on the year-earlier comparison. Steady earnings from Kuwaiti banks also supported overall profit growth.

Most sectors recorded higher year-on-year profits during the quarter, led by heavyweight sectors such as energy, food and beverages, real estate, materials and transportation. Banks and telecom companies posted mid- to low-single-digit earnings growth.

These gains were partly offset by lower profits in utilities and food and staples retailing, as well as wider losses in media and entertainment.

Revenue growth also accelerated, with aggregate revenues of GCC-listed companies rising 17% year-on-year to $381.6 billion from $326.3 billion a year earlier. Revenues increased 8.1% sequentially from the first quarter.

The increase was driven primarily by Saudi Aramco, whose revenue rose 28.1% year-on-year. Excluding Aramco, aggregate revenue growth remained in double digits at 11.4% across the GCC and 11.0% for Saudi-listed companies.

On the bank revenues,  rose 2.4% year-on-year to $36.2 billion, the strongest growth in three quarters, supported by higher non-interest income, while aggregate net interest income declined. Earnings growth moderated during the quarter, weighed partly by the regional geopolitical situation, although a robust project pipeline continued to support activity.

The energy sector also posted strong growth, with 20 of 31 listed companies reporting higher year-on-year profits. Aggregate energy-sector net profit rose 41.6% to $36.2 billion in the second quarter from $25.5 billion a year earlier.-TradeArabia News Service