High oil prices drive record $77.3bn quarterly profit for GCC-listed firms

RIYADH: The Gulf Cooperation Council’s listed companies hit a record aggregate profit of $77.3 billion in the second quarter of 2022, as the oil-rich region benefited from elevated oil prices that traded at around $100 a barrel.

This is up from $65.4 billion on a sequential basis, while year-on-year growth was even stronger at 63 percent from $47.6 billion in the same period of 2021, a Kamco Invest report shows.

In Saudi Arabia, the profits of listed firms rose 70.4 percent on the year to $59.5 billion in the second quarter, once again accounting for the largest share of GCC-wide profits.

The report explained that the earnings boom was backed by a growth in profit across most sectors, led by energy, banks, and materials which compensated for the adverse performance of diversified financial firms.

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