Gulf companies post record quarterly profit of 74.8 billion dollars
Net profit at Gulf Cooperation Council-listed companies reached a record 74.8 billion dollars in the second quarter, up 31.3 per cent from a year earlier. Kamco Invest attributed the increase to energy and banking companies and higher average crude prices. As a separate measure of the region's banking momentum, total Saudi bank credit rose 7 per cent year on year to 3.54 trillion riyals at the end of July.
Economics & Markets··Night
Quarterly profit reaches a new high
Companies listed across Gulf Cooperation Council markets recorded 74.8 billion dollars in net profit in the second quarter of 2026. Kamco Invest said the total was 31.3 per cent higher than a year earlier, 10 per cent above the previous quarter and a quarterly record. Kamco attributed the increase to the energy and banking sectors and higher average crude prices. On the Saudi side of the region's banking activity, total credit to the private sector and non-financial government entities rose 7 per cent year on year to 3.54 trillion riyals at the end of July.[1], [2]
Energy and banking carry the increase
Energy-sector profits rose by more than 40 per cent. In Kamco's country breakdown, companies in Kuwait, Saudi Arabia, Abu Dhabi and Oman posted double-digit annual profit growth, while Dubai-listed companies gained 4.9 per cent. The Saudi credit data also show the composition of banking expansion: private-sector loans rose 6 per cent to 3.26 trillion riyals, while credit to non-financial government entities increased 20 per cent to 274 billion riyals. Despite the faster growth in government-entity lending, the private sector still represented more than 92 per cent of the total loan book.[1], [2]
Results diverge across markets
The Gulf-wide record was not shared equally across every market. Quarterly profit fell 20 per cent at Qatari companies and 0.4 per cent at Bahraini ones. Kamco said higher average oil prices more than offset a decline in the region's crude exports. STP Partners chief executive Tony Hallside described the spread of growth beyond energy as more important than the headline total. Growth rates also diverged within the Saudi credit figures: lending to government entities expanded 20 per cent, ahead of the private sector's 6 per cent pace, while private borrowers retained the dominant share of the loan book.[1], [2]
