UAE firms outperform GCC peers with over 50% jump in Q1 profit

UAE firms outperform GCC peers with over 50% jump in Q1 profit

Gulf companies’ profits fall on lower commodity prices

Published: Tue 13 Jun 2023, 5:10 PM Last updated: Tue 13 Jun 2023, 5:48 PM

Listed companies in Dubai and Abu Dhabi recorded more than 50 per cent jump in net profits year-on-year in the first quarter of 2023, outperforming their GCC peers, whose quarterly profits declined on the back of a fall in energy and commodity prices.

Net profits for Dubai-listed companies jumped 51.2 per cent to reach $4.8 billion in the first quarter of 2023 compared to $3.2 billion in the same 2022 period, primarily driven by earnings growth in the banking, real estate and capital goods sectors, Kamco Invest said in its GCC Corporate Earnings Report Q1-2023.

In Abu Dhabi, listed companies witnessed a 51.8 per cent year-on-year increase in net profits during Q1-2023 to reach $11.1 billion compared with $7.3 billion during Q1-2022, according to the research report authored by Junaid Ansari, head of Investment Strategy & Research and Mohamed Ali Omar, associate at Kamco Invest.

Total net profits for Dubai’s banking sector soared 84.2 per cent in Q1-2023 to $ 2.8 billion as compared to $1.5 billion in Q1-2022. The sector’s rise in total earnings was primarily driven by Emirates NBD for