RIYADH: The Gulf Cooperation Council-listed companies hit a record aggregate profit of $65.4 billion in the first quarter, supported by a recovery in economic activities, said a report issued by Kamco Invest.
This is up from $51.5 billion on a sequential basis, while year-on-year growth was even stronger at 67 percent from $39.2 billion during the period.
In º£½ÇÖ±²¥, profits of listed firms grew by 73 percent to $49.8 billion in the last quarter, accounting for the largest share of the GCC aggregate profits.
The report explained that the earnings beat was backed by a growth in profit across all sectors except for the consumer durables and apparels segment.
It added that Purchasing Managers’ Index figures for º£½ÇÖ±²¥, the UAE, Dubai, and Qatar consistently stayed above the growth mark of 50 during the quarter, which also helped boost profits.
