A special economic report shows 134 companies listed on the Kuwait Stock Exchange announced combined net profits of approximately 2.086 billion dinars (US $6.38 billion) for the first nine months of this year — marking a 1.4% decline from the 2.115 billion dinars (US $6.47 billion) recorded in the same period last year.
According to the Al-Shall Consulting report issued today, third-quarter profits amounted to 846.4 million dinars (US $2.5 billion), reflecting a 67.1% increase compared to the second quarter’s 506.6 million dinars (US $1.5 billion). Third-quarter profits also rose by 15.5% when compared to the first quarter’s 733 million dinars (US $2.2 billion), reports Al-Rai daily.
The report indicated that six out of 13 market sectors improved their profitability over the nine-month period compared to last year.
Four sectors posted lower profits, two sectors shifted from profits to losses, and one sector recorded deeper losses.
The banking sector continued to lead the market, posting profits of 1.304 billion dinars (US $3.9 billion), up from 1.245 billion dinars (US $3.8 billion) last year — an increase of 58.9 million dinars (US $180.2 million), or 4.7%.
The financial services sector ranked second, earning 310.8 million dinars (US $951 million), compared to 254.9 million dinars (US $779.9 million) last year—an increase of 55.9 million dinars (US $171 million), or 21.9%.
The telecommunications sector came third, with profits rising from 201.1 million dinars (US $615.3 million) to 271.6 million dinars (US $831 million), an increase of 70.5 million dinars (US $215.7 million), or 35.1%.
The report noted that the sharpest decline occurred in the industrial sector, which shifted from profits of 117 million dinars (US $358 million) last year to losses of 95.1 million dinars (US $291 million) this year—an absolute drop of 212.1 million dinars (US $649 million).
Overall, performance improved for 87 companies, including 73 that increased profits and 14 that turned profitable or reduced their losses. This means 64.9% of companies that disclosed results showed progress. Meanwhile, 47 companies reported weaker performance, including 31 that posted lower profits and 16 that moved to losses or deepened existing ones.
The report also highlighted that 10 leading companies alone generated 1.578 billion dinars (US $4.8 billion), representing 75.6% of the total profits of all companies that announced results and 65.9% of the profits of profitable companies only.
