Listed UAE firms post higher rate of growth in profits than GCC peers

Listed UAE firms post higher rate of growth in profits than GCC peers

Net profits for Dubai-listed companies more than doubled in 2022

The Dubai Financial Market. - KT file

Published: Thu 13 Apr 2023, 4:13 PM

Listed companies in the UAE recorded a higher growth rate in net profits during 2022 compared to their peers in the rest of the GCC, primarily driven by earnings growth in the banking, real estate, utilities, and capital goods sectors.

Net profits for Dubai-listed companies more than doubled in 2022 to reach $14.2 billion as compared to $6.3 billion in the previous year, while the aggregate net earnings for Abu Dhabi-listed companies increased by 63.5 per cent to reach $30.5 billion as compared to $ 18.6 billion in 2021.

Net profits reported by GCC-listed companies jumped to a record high of $273.3 billion in 2022 as compared to $199 billion during 2021. The $74.2 billion surge or 37.3 per cent growth came mainly on the back of a steep jump in profits for the energy sector, mainly led by higher profits reported by Aramco ($159.1 billion profits in FY-2022 compared to $105.4 billion in 2021) as a result of higher crude oil prices and higher volumes, a report said.

The record profit jump across the CCC came as economic activity in the