A report released today by the Al-Shall Consulting revealed 137 companies, or approximately 96.5% of the 142 companies listed on the Kuwait Stock Exchange, announced their operating results for 2024, with net profits reaching approximately 2.804 billion dinars.
This represents an increase of about 9.8% compared to the 2.555 billion dinars profits of the same companies in 2023. The report noted that 113 companies were profitable, while 24 reported losses, compared to 114 profitable and 23 loss-making companies in 2023. Of the 137 companies, 85 showed improvement in their performance; 68 companies saw increased profits, and 17 either moved from losses to profitability or reduced their losses. This indicates that 62% of companies that reported results saw progress, compared to 82 companies in 2023.
The report also highlighted that 52 companies experienced a decline in performance last year, including 14 that shifted from profitability to losses, 38 with reduced profitability, and 55 with overall performance decline.
On the list of highest-earning companies, the top 10 reported total profits of approximately 1.963 billion dinars, representing around 70% of the total profits of all companies. Kuwait Finance House led the list with approximately 601.8 million dinars, followed by the National Bank of Kuwait with 600.1 million dinars, and Zain Telecommunications with 207.7 million dinars.
Conversely, 10 companies reported total losses of approximately 59.8 million dinars, with Kuwait and Gulf Link Transport Company recording the largest loss of 15.2 million dinars, followed by ACICO Industries with 7.7 million dinars.
Among the 13 active sectors, 7 saw an increase in profitability, 5 experienced a decline, and 1 sector moved from profitability to losses. The banking sector was the top performer, with profits rising from 1.535 billion dinars in 2023 to 1.660 billion dinars, an increase of 8.1%. The financial services sector followed with 84.9 million increase dinars, reaching 318 million dinars.
Meanwhile, the telecommunications sector’s profits fell from 319.5 million to 285 million dinars, a decline of 10.8%. In terms of dividend distribution, 88 companies announced their intention to distribute dividends, with 49 declaring cash dividends, 12 offering bonus shares, and 27 opting for a mix of both. Conversely, 49 companies announced they would not distribute dividends.
