Oil-Fueled Growth Pushes GCC Corporate Profits to $74.8 Billion
Companies listed across the Gulf Cooperation Council posted a record $74.8 billion in net profits in the second quarter of 2026, up 31.3 percent year on year, driven largely by gains in the energy and banking sectors, according to a new analysis from Kamco Invest.
The rise in net profit also reflected higher average crude oil prices amid ongoing regional geopolitical tensions, which more than offset a decline in crude oil exports from the region. Compared with the previous three months, net profit of listed companies across the GCC increased 10 percent.
The strong results underscore the resilience of GCC corporates even as geopolitical tensions and regional disruptions continue to weigh on investor sentiment. The gains also highlight the continued importance of energy to Gulf corporate earnings, even as governments across the region pursue economic diversification and expand non-oil sectors.
According to Kamco’s report, the increase in profits primarily reflected double-digit year-on-year growth for companies in Kuwait, Saudi Arabia, Abu Dhabi, and Oman, along with 4.9 percent growth for companies listed on the Dubai Exchange. In contrast, Qatari and Bahraini companies reported quarterly profit declines of 20 percent and 0.4 percent, respectively.
Tony Hallside, CEO of STP Partners, said the record $74.8 billion figure reflects strength that extends beyond the headline number. “Higher oil prices clearly provided a major tailwind, with energy-sector profits rising more than 40 percent, but earnings growth across several other sectors shows that corporate activity remains resilient,” he said, adding that this breadth is arguably more meaningful for investors than the record figure itself.
Aggregate revenues for GCC-listed companies rose 17 percent year on year to $381.6 billion in the second quarter, and 8.1 percent quarter on quarter. Excluding Saudi Aramco, revenue growth for the rest of the region remained in double digits at 11.4 percent.
Saudi Arabia led regional growth by a wide margin, with Saudi-listed companies accounting for the bulk of the gains. Aggregate net profits for Saudi firms rose 36.7 percent to $45.3 billion, up from $33.2 billion a year earlier, with energy, banking, and materials together making up 92 percent of Saudi earnings for the quarter. Saudi Aramco’s net profit climbed 42 percent year on year to $32.4 billion, supported by a 19 percent rise in total revenue as realized crude prices increased from $66.7 a barrel in the second quarter of 2025 to $108.1 a barrel in the same period this year.
Saudi Arabia’s banking sector also performed strongly, with net profits rising 8.3 percent to $6.6 billion from $6.1 billion, supported by robust lending growth and resilient operating income. Al Rajhi Bank reported $1.9 billion in net profit, up from $1.6 billion, driven by a 13.7 percent increase in income from financing and investments alongside a 13.3 percent rise in total operating income. Saudi National Bank recorded a 7.5 percent increase in net profit to $1.8 billion, mainly supported by a 1.6 percent rise in income from financing and investments.
“Saudi Arabia remains the earnings engine of the GCC market. Aramco was clearly a major contributor as higher crude prices lifted energy earnings, but the more interesting figure is that Saudi-listed company revenues still grew around 11 percent excluding Aramco,” Hallside said, noting that this points to broader corporate momentum and gives investors further evidence that the opportunity set in Saudi equities extends well beyond the traditional energy story.
Across the wider region, Kuwaiti companies recorded the largest percentage increase, with net profits nearly doubling to $3.1 billion, partly reflecting the absence of large losses from discontinued operations that had weighed on Agility during the same quarter last year. Abu Dhabi profits rose 41.8 percent year on year to $14.7 billion, while Dubai-listed firms grew 4.9 percent to $6.9 billion. Qatari companies saw profits fall 20 percent to $2.9 billion, and Bahraini firms declined 0.4 percent to $572 million, while Omani companies posted a 24.2 percent increase to $1.4 billion.
For the first half of 2026, aggregate net profits for GCC-listed companies rose 23.1 percent, or $26.8 billion, to reach $142.81 billion. The increase was led by nearly 30 percent growth in both Abu Dhabi and Saudi Arabia, followed by a 14.6 percent rise in Oman. Kuwaiti and Dubai-listed companies posted high single-digit growth, while Qatar and Bahrain recorded declines of 11.6 percent and 0.2 percent, respectively.
Sector performance across the region was mixed but broadly positive. Energy profits jumped 41.6 percent year on year to $36.2 billion in the second quarter, while food, beverage, and tobacco profits more than doubled to $3.9 billion. Real estate, materials, capital goods, and transportation also posted higher profits. The banking sector reached a record $17.8 billion, up from $16.6 billion, with six of seven country aggregates showing improvement. Telecom recorded modest growth, while utilities, food and staples retailing, and media and entertainment saw declines.
“What stands out is the divergence within the GCC. Kuwait, Saudi Arabia, Abu Dhabi and Oman all delivered double-digit profit growth, while Qatar and Bahrain saw declines. That tells investors this remains a market where country and sector selection matters,” Hallside said. He added that banks and telecoms continued growing, albeit more moderately, while energy, real estate, materials, and transportation showed stronger performance. “The GCC cannot be treated as one homogeneous equity market; earnings drivers are becoming increasingly differentiated,” Hallside concluded.
Also Read:
How Artificial Intelligence Is Transforming Nature Conservation in Saudi Arabia
Hope Turns to Joy as Two Tunnel Workers Are Rescued in Nepal
