GCC Corporate Earnings - H1 2017

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GCC Corporate earnings fell by 1% during H1 2017 compared to the same period last year. Saudi Arabia, Bahrain and Kuwait were three countries to put u.....

Summary

GCC Corporate earnings fell by 1% during H1 2017 compared to the same period last year. Saudi Arabia, Bahrain and Kuwait were three countries to put up positive earnings performance growing by 7%, 6% and 2% respectively. Saudi Arabia’s earnings growth was largely helped by the positive momentum in its non-oil private sector while Kuwait was largely helped by the positive performance in the commodities sector and its real estate sector.

Lower oil prices continued to persist, despite the humongous efforts taken by the OPEC cartel to reduce the supply glut. Brent crude declined by 9.3% in Q2 2017 closing at USD 47.92 compared to USD 52.83 at the end of Q1 2017. Overall, IPE Brent crude has tumbled 15.7% from the start of 2017 making it the worst performing first half for oil since 1998. Lower oil prices results in lower deposits being made into the banks and as result lowers credit being pumped into the economy. As a result of this banking sector earnings have declined by 1% during H1 2017 compared to the same period last year.

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GCC Corporate Earnings - H1 2017

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