Profits of Listed Companies – 30 September 2019

About 164 listed companies, 93.7% of total listed companies (175) announced results of their operations for the first nine months, after excluding the companies that did not announce their financial results and those with a different fiscal year. Net profits of those companies scored KD 1.635 billion, a 4.4% growth above profits of the companies in the first nine months of 2018 which were KD 1.566 billion. However, those companies registered profits at KD 520.2 million for the third quarter of the current year, lower by -4% when compared with the profits level of the same sample in the second quarter of 2019 when they scored KD 542 million. Also, their profits decreased by -9.3% compared with their level in the first quarter of 2019 when they scored KD 573.2 million. In details, only 5 sectors (out of 12 sectors) improved their profits compared with their performances in the first nine months of 2018. Meanwhile, 7 sectors have reduced their profits; the best was the banking sector which increased its profits from KD 838.3 million to KD 902.8 million (Al Ahli Bank of Kuwait haven’t announced its results yet). The telecommunications sector came second with increased profits from KD 190.1 million to KD 209.1 million. The real-estate sector came third in terms of increased profits from KD 85.3 million to KD 95.9 million. On the other hand, the profits of the industrial sector decreased from KD 187.5 million to KD 167.3 million. The following schedule displays the sectors’ details.

Results of the first nine months of the current year indicate that performance of 90 companies improved compared with their performances during the same period last year, including 63 companies which increased profits and 27 companies reduced their losses or converted to profits. This means that 54.9% of the companies which announced their results achieved better performances. Performance of 74 companies dropped, including 48 companies with less profit and 26 companies increased the level of their losses or moved from profits to losses. The top profitable companies list contained 10 leading companies which achieved profits by KD 1.117 billion or 68.3% of total absolute profits. Led by “National Bank of Kuwait (NBK)” with KD 302.2 million of profits. “Kuwait Finance House (KFH)” came second with profits of KD 190.5 million, and “Ahli United Bank (Bahrain)” came third with profits of KD 169.9 million. “Zain” came fourth with KD 153 million profits. On the other hand, 10 companies achieved the highest absolute losses by a total of KD 37.7 million. “IFA Hotels & Resorts” achieved the highest absolute losses with KD 8.4 million and “Danah Al Safat Foodstuff Company” came second in losses by KD 5 million.