Gulf companies earn $143B profit, Saudi leads

The Gulf corporate sector experienced significant growth in the first half of 2026, with profits reaching approximately $143 billion. Saudi Arabia led the way, accounting for 63% of the total, primarily driven by Saudi Aramco, which recorded profits of 241.6 billion riyals (about $64 billion), reflecting a 33% year-over-year increase. Aramco’s profits were characterized by a 13% rise in revenue, supported by higher oil prices, making it the largest profit contributor in the region, alone accounting for 45% of the Gulf companies’ profits. The Saudi banking sector came in second after Aramco, making substantial contributions, with banks earning 48.8 billion riyals in the first half—a growth of 8%. Additionally, the market’s price-to-earnings (P/E) ratio declined to 16.7 times by the end of the second quarter. However, the Saudi market remains less affordable compared to other Gulf markets, with Dubai at a P/E of 9.4 times and Qatar at 12.7 times. Financial strength and operational resilience continue to be crucial for investors, with differing sources of growth across oil profits, the banking sector, and asset valuations, reflecting a diverse performance and outlook for the market.

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