Mubasher: Saudi Arabia has dominated Forbes Middle East’s Top 100 Listed Companies with 33 entries, followed by the UAE with 28, Qatar with 16, and Kuwait with nine.
Stock markets have been under pressure amid high inflation and global unrest, as the MENA region is not immune to the trajectory.
The aggregate market value of the Middle East’s Top 100 Listed Companies dropped marginally by 5% year-on-year (YoY) to $3.80 trillion in 2023 from $4 trillion.
However, the value of the aggregate sales for these 100 firms jumped by 38.50% to $1.10 trillion, with profits increasing by 37.70% to $277.70 billion. In addition, the value of their aggregate assets soared by 9.50% to $4.60 trillion as of end-2022.
The 2023 list welcomed a number of newly-listed entities, including Qatar’s Dukhan Bank, UAE-based Multiply Group, and Americana Restaurants which is dually listed on the Saudi Exchange (Tadawul) as well, along with Saudi Aramco Base Oil Company (Luberef) and Power and Water Utility Company for Jubail and Yanbu (Marafiq).
Meanwhile, Egypt entered the list with Commercial International Bank (CIB) and Qatar National Bank Al Ahli (QNB Al Ahli), securing the 49th and 83rd positions, respectively.
GCC countries dominated 91% of the list, with Saudi Arabia and the UAE leading the top 10.
Five Saudi Entities
Saudi Arabian Oil Company (Aramco) held the top spot with $604.40 billion in sales and a market value of $2.10 trillion. The world’s largest oil and gas giant recorded net profits after Zakat and tax amounting to SAR 119.54 billion in the first quarter (Q1) of 2023.
Chemical manufacturing firm Saudi Basic Industries Corporation (SABIC) followed Aramco in the list, with net profits valued at SAR 660 million in Q1-23.
The Saudi National Bank (SNB), which generated 11.55% higher net profits at SAR 5.02 billion in Q1-23, held the fourth position in the list.
Al Rajhi Bank secured its place among other GCC lenders, ranking the sixth in the list. The bank’s net profits after Zakat and tax hit SAR 4.14 billion as of 31 March 2023.
Forbes announced electric energy firm Saudi Electricity Company (SEC) the seventh among the Middle East’s Top 100 Listed Companies, with SAR 480 million in net profit during Q1-23.
Four UAE Entities
The UAE-based International Holding Company (IHC) jumped from the 12th position in the 2022 list to the fifth spot this year, with $235.90 billion in market value and total assets of $62.10 billion. During the first three months (3M) of 2023, IHC posted higher net profits attributable to the owners at AED 2.61 billion.
First Abu Dhabi Bank (FAB) was the following UAE entity in the top 10 companies, securing the eighth place in the list. The lender witnessed net profits attributable to the owners valued at AED 3.92 billion as of 31 March 2023.
DFM-listed Emirates NBD ranked ninth in the list, marking another milestone after registering more than double profits in Q1-23 results.
Abu Dhabi National Energy Company (TAQA) occupied the 10th position in the list, with net profits attributable to the shareholders worth AED 11.57 billion in Q1-23.
Meanwhile, Qatari-owned commercial bank QNB Group came third in the list, with a market value of $38.80 billion and sales amounting to $18.40 billion.
