UAE firms best Q3 performers in GCC

UAE firms best Q3 performers in GCC

Abu Dhabi-listed companies showed the biggest y-o-y profitability improvement during Q3 with net profits almost doubling to $9.1 billion as compared to $ 4.7 billion Q3-2021

Net profits for Dubai-listed companies surged by 32.8 per cent year-on-year to $4.1 billion in third quarter 2022 from $3.1 billion in the same 2021 period.

Published: Wed 23 Nov 2022, 5:58 PM Last updated: Wed 23 Nov 2022, 5:59 PM

Profits of listed companies across the GCC witnessed a quarter-on-quarter decline of 8.0 per cent while those in the UAE recorded higher profits during the third quarter 2022.

Abu Dhabi-listed companies showed the biggest y-o-y profitability improvement during Q3 with net profits almost doubling to $9.1 billion as compared to $ 4.7 billion Q3-2021, reflecting both new listings as well as higher profits for the bulk of the listed companies on the Abu Dhabi exchange. Saudi and Dubai-listed companies showed y-o-y profit growth of around 30 per cent, whereas aggregates for Kuwaiti and Bahraini companies showed double-digit declines.

Net profits for Dubai-listed companies surged by 32.8 per cent year-on-year to $4.1 billion in third quarter 2022 from $3.1 billion in the same 2021 period while listed companies in Abu Dhabi recorded a 94.8 per cent jump to $