Corporate profits

Project takeover boosts earnings for Kuwaiti companies

Companies listed on the Kuwait Stock Exchange more than tripled their net profits in 2021 following the recovery of the national economy and project activity, a local newspaper reported.

Except for companies in the hydrocarbon sector, listed companies saw a 270% increase in net profit after the OPEC member eased curbs associated with the spread of the coronavirus in the second half of 2021, said the Arabic-language daily Alanba, citing information. by some companies.

From around 803.6 million Kuwaiti dinars ($2.56 billion) in 2020, the combined profits of listed companies rose to nearly 2.967 billion dinars ($9.79 billion) in 2020, according to the report. .

“Companies in all sectors recorded strong profits, with the exception of the hydrocarbons sector, which suffered a drop in profits of around 86%,” the newspaper said.

It showed that industrial companies were the best performers, bringing in nearly 1.08 billion dinars ($3.56 billion) in 2021, almost a third of total profits.

Most companies in other sectors recorded high profits while construction and real estate companies returned to profits of around 283.5 million dinars (935 million dollars) in 2021 after suffering a loss of almost $50.2 million ($165 million) in 2020, according to the report.

(Writing by Nadim Kawach; Editing by Anoop Menon)

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