GCC Companies Post Record Q2 Profits on Crude Oil Price Surge
GCC companies posted a record $74.8 billion in aggregate net profits for Q2 2026, up 31.3% from last year and 10% from the previous quarter, according to Kamco Invest.
The increase was largely driven by higher crude oil prices amid regional geopolitical tensions, which more than offset a decline in crude exports. Brent crude spot prices rose 27% year-on-year for the second consecutive quarter.
Kuwaiti companies led the country-level profit growth with aggregate net profit nearly doubling to $3.1 billion, while Saudi Arabian and Abu Dhabi companies also posted double-digit year-on-year increases.
The energy sector recorded strong growth, with 20 of 31 listed companies reporting higher year-on-year profits, including a 28.1% increase in revenue for Saudi Aramco.