GCC Companies Report Record Profits Amid Geopolitical Tensions
Kuwait and Saudi Arabia led companies listed on Gulf Cooperation Council (GCC) exchanges to report record profits in the second quarter of 2026, according to Kamco Invest.
Aggregate net profits reached $74.8 billion, a 31.3% increase from the same period last year and 10% higher than the previous quarter. This marks the second consecutive quarter of year-on-year growth and a new record high.
The sharp rise in profits was driven primarily 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, helping over a third of listed energy companies report increased earnings.
Kuwaiti companies recorded the largest percentage increase, with aggregate net profit nearly doubling to $3.1 billion. This was largely due to reduced losses from discontinued operations reported by Agility in the second quarter of 2025, which had weighed on last year's comparison. Strong earnings from Kuwaiti banks also supported overall profit growth.