Dubai listed firms buck regional trends

Dubai listed firms buck regional trends

 

Dubai’s listed companies bucked the regional trend in the wider Gulf Cooperation Council, with a 35.8 per cent year-on-year growth in third-quarter profits, a report showed.

According to Kamco Invest’s GCC Corporate Earnings Report: Q3 2023, in comparison, quarterly profits reported by GCC-listed companies once again showed a year-on-year decline in profits during Q3 , mainly led by a fall in energy and commodity prices.

The report showed that the combined profit of companies listed on the Dubai Financial Market in the third quarter rose to $5.8 billion, as compared to $43 billion in the same period last year. “Earnings growth during the quarter was broad-based and was mainly driven by banks, real estate, and utilities companies with the three sectors accounting for 90.7 per cent of the aggregate earnings in the exchange during the quarter,” the report said. Out of DFM’s 12 sectors, ten have witnessed a year-on-year increase in profits during Q3 while the remaining two sectors, namely the capital goods and materials sectors witnessed declines, it added.

Total net profits for the banking sector rose by $0.8 billion in Q3 to reach $2.8 billion up from $2.0 billion in Q3-2022. In contrast, in terms of quarter-on-quarter