The listed Emirati companies ranked second in terms of the most profitable companies at the level of the Gulf Cooperation Council countries, while Saudi companies came in first place, mainly supported by the profits of Aramco. ».
According to Al Bayan's calculations, based on Kamco Invest statistics, the net profits of Emirati companies increased by 76% to reach $27.8 billion (AED 102.11 billion). Last year, compared to about $15.8 billion (58 billion dirhams) in 2020, thanks to the recovery from the repercussions of the "Covid 19" pandemic, the strong recovery of the national economy and the easing of restrictions worldwide, which boosted the strong performance of profits last year.
The net profit of the banking sector rose last year, which is the largest sector on the stock exchange in terms of market capitalization, by 31.3% to reach $5.3 billion, and 9 banks recorded Out of the 11 banks, net profits grew, followed by the telecommunications sector, where the net profit of the Emirates Telecommunications Group increased by 4.5% to reach $2.6 billion, due to the growth and expansion of the telecom subscriber base in addition to the increase in revenues.
KAMCO indicated that for the companies listed on the Dubai Financial Market, the net profit of the banking sector amounted to $1.2 billion in the fourth quarter of last year, and Mashreq Bank succeeded in Returning again to record profits, achieving $200.7 million in the fourth quarter, thanks to the bank's recovery of its good performance and profits due to the growth of net interest income and Islamic financing income in addition to the increase in fees and commissions.
However, Emirates NBD announced that it achieved the largest net profit in the fourth quarter at the level of banks, with the bank's profits reaching $547.8 million, as the strong operating performance led The bank and the strong demand for retail financing increased its profits.
