GCC Corporate Earnings – 1H 2015

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Report Highlights (First Half 2015) 1H15 earnings declined by 7.2% vs 1H14. Compared to 2H14, earnings in 1H15 improved by 4.9% Earnings of al.....

Summary

Report Highlights
  • (First Half 2015) 1H15 earnings declined by 7.2% vs 1H14.
  • Compared to 2H14, earnings in 1H15 improved by 4.9%
  • Earnings of all the countries, except Qatar, were negative in 1H15
  • Qatar recorded earnings growth of 13% in 1H15, helped by real estate
  • Real estate and banks recorded the highest (and only positive) earnings growth in 1H15, with 44% and 9% on a YoY basis.
  • We project overall GCC Earnings to reach USD 69.7Bn in 2015 implying a growth rate of -0.3%.
1H15 GCC corporates posted a negative 7.2% growth over 1H14. Total earnings in 1H15 came in at USD 34Bn. 1H15 earnings were driven by strong performance from banks and real estate.
 
Aggregate net profits for banks came in at USD 16.7bn in 1H15, a rise of 9% over 1H14. Earnings from real estate came in at USD 3.7Bn recording a growth of 44.5% (YoY). Robust growth in the earnings of banking sector, which accounts for 49% of earnings, could not prevent overall corporate earnings from declining by 7.2% (YoY) in 1H15. Telecom sector continued its negative run from 2014, with overall profits declining by 35%. 

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GCC Corporate Earnings – 1H 2015

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