Gulf Profits Climb To 3-year High As Banks And Property Drive Gains

Corporate earnings across the Gulf Cooperation Council reached a three-year peak in Q3 2025, supported by stronger banking and property results that helped offset weaker performances in several other sectors, according to new analysis from Kamco Invest.

The Kuwait based investment firm reported that listed companies in the GCC recorded aggregate net income of $65.6bn, an annual rise of 7.9 percent from $60.7bn a year earlier.

GCC earnings

Quarter on quarter profits increased by 15.7 percent, one of the strongest sequential gains since 2022.

Kamco said the annual improvement was “mainly led by higher profits for the banking and real estate sectors”, which countered declines in telecoms and utilities. A modest recovery in the energy sector after a previous quarterly drop also supported the overall figures.

The UAE delivered the largest absolute rise in profits, followed by Kuwait and Saudi Arabia. Profits for Saudi listed companies reached a five-quarter high of $38.2bn, while Dubai listed firms saw quarterly net income climb to $8.1bn, one of their highest levels on record.

Banking remained the standout performer. GCC listed banks posted record net profits of $17.4bn in the third quarter.

The increase was “driven by a 7.8 percent growth in net interest income while non-interest income increased by 20.4 percent as compared to the third quarter of 2024”, according to Kamco.

UAE listed banks reported profit growth of 25.1 percent and Saudi banks recorded 15.2 percent.

Real estate gains

Real estate companies also saw a sharp rise, with sector profits up by almost two thirds. UAE listed developers reported the largest contribution, with net income rising by $800m year on year, an increase of 43.1 percent to $2.67bn.

Kamco identified Dubai as “the biggest market for real estate in the region with a net profit of $2.3bn, accounting for almost two thirds of the sector profits in the third quarter of 2025”.

Energy sector earnings edged 0.5 percent higher year on year to $28.9bn. Kamco noted that this was achieved “despite a 13.7 percent decline in average trend crude oil price that reached $69 per barrel during the third quarter of 2025”.

Abu Dhabi National Energy Co. recorded a 26.6 percent increase in profit, helped by lower operating costs.

Elsewhere in the region, Qatar’s earnings were broadly steady as strong banking and transport figures offset softer industrial and energy linked results.

Oman posted moderate growth driven mainly by banking and utilities, while Bahrain recorded a slight rise in profitability, underpinned by financial services.