PHOTO
Companies listed on Kuwait’s bourse more than tripled their net profits in 2021 following recovery in the domestic economy and project activity, a local newspaper has said.
With the exception of firms in the hydrocarbon sector, the listed companies recorded a 270 percent increase in their net income after the OPEC member eased curbs associated with the spread of coronavirus in the second half of 2021, the Arabic language daily Alanba said, citing reports by some companies.
From around 803.6 million Kuwaiti dinars ($2.56 billion) in 2020, the combined profits of the listed companies jumped to nearly 2.967 billion dinars ($9.79 billion) in 202, the report showed.
“Companies in all sectors recorded high earnings except the hydrocarbon sector, which suffered from a profit decline of about 86 percent,” the paper said.
It showed industrial firms were the top performers, netting nearly 1.08 billion dinars ($3.56 billion) in 2021, nearly a third of the total profits.
Most companies in other sectors recorded high earnings while the construction and real estate firms reverted to profits of around d 283.5 million dinars ($935 million) in 2021 after suffering a loss of nearly 50.2 million ($165 million) in 2020, the report said.
(Writing by Nadim Kawach; Editing by Anoop Menon)
