First half profit of 56 pct of listed gulf companies at USD 20 bln

08/08/2010 00:00 AST

Profits for the first half of 2010 were announced by most gulf listed companies, and profits gained by 56 percent of these companies amounted to USD 20.1 billion, an up of 16 percent from last year's USD 17.3 billion for the same period, a specialized report indicated.

A report by Kuwait Asset Management Company (KAMCO) said the good increase is attributed mainly to good results by companies in the Saudi bourse, and petrochemical companies in particular with profit of USD 3.89 billion compared to USD 584.7 million in 2009.

The positive performance was largely unexpected, in view of defaulting loans and drop in value of investments.

The Saudi bourse saw improvement in some indices promoted by the good figures and gained 2.9 percent since start of year.

The Kuwaiti bourse meanwhile, the second biggest in value in the region, had meanwhile performed the best. KAMCO's weighted index for the market's overall return gained 6.2 percent since start of 2010.

The UAE markets slumped and saw a steep fall of 15.8 percent in the Dubai and 7.8 percent in the Abu Dhabi exchanges since start of year.

This was attributed to the Dubai World debt crisis and delay of approval on the rescheduling of debt payments, and modest company results also pushed indices down further, the report said.


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