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The Kamco Invest report released in April 2026 found that aggregate revenues for GCC-listed companies reached a record $344.8 billion in the fourth quarter of 2025, marking a 3.6 percent increase from the previous year. This growth proved broad-based across most sectors even as materials and energy registered declines that partially offset the gains. Excluding Saudi Aramco, whose revenues fell 2.7 percent, the GCC revenue expansion outside the oil giant stood at 6.9 percent according to the analysis. The same report placed fourth-quarter net profits at $49.4 billion, reflecting a 13.2 percent year-on-year contraction and the lowest level in three years.
Sector performance varied sharply as the profit contraction was driven primarily by steep losses in the materials sector, which swung to an aggregate loss of $4.8 billion in the fourth quarter from a profit of $478.2 million a year earlier, Kamco Invest data showed. Net profit in the energy sector also dropped by 17.3 percent year on year to $21.3 billion. In contrast the utilities sector reported profits of $700 million against a net loss of $1.3 billion in the fourth quarter of 2024, the report noted. Banks and real estate provided some offset with the former registering 9.6 percent year-on-year profit growth to $15.9 billion.
Country-level results highlighted divergent trends with overall profits of Saudi-listed firms declining 34.6 percent year on year in the fourth quarter to $22.8 billion, according to the Kuwait-based investment firm. Saudi banking nonetheless recorded year-on-year profit growth of 9.6 percent to $15.9 billion while the real estate sector expanded by around a third to $4.7 billion. Abu Dhabi emerged as the strongest performer in the region with full-year 2025 profit growth of 20.7 percent to $43.5 billion. Dubai-listed corporate profits reached $28.2 billion for the full year driven by banking, real estate and utilities.
For the full year 2025 the Kamco Invest assessment placed aggregate GCC revenues at $1.3 trillion, up 2.3 percent from 2024, with growth accelerating to 7.8 percent when Saudi Aramco is excluded. Full-year net profits for listed companies across the bloc declined for the third straight year by 2.4 percent to $235.6 billion. Energy and materials sectors exerted the largest drag on the annual outcome while telecom, food and beverage, and transportation also posted lower earnings, the report stated.
Banking, real estate, telecom, utilities and energy remained key sectors supporting GCC economic diversification according to the Kamco Invest breakdown. An International Monetary Fund review published in December 2025 noted that non-hydrocarbon economic activity in the GCC averaged 3.7 percent growth in 2024, bolstered by strong domestic demand and project implementation. The performance came despite lower oil prices and continued OPEC+ production adjustments that weighed on hydrocarbon output in several member states.
A subsequent Kamco Invest report on first-quarter 2026 results showed a strong rebound with GCC-listed companies posting record net profits of $67.9 billion, up 15.5 percent year on year. Revenues in that period climbed 7.7 percent to $353.3 billion, led by gains in energy particularly from Saudi Aramco along with banking, food and beverage, and capital goods. The sequential profit jump exceeded 40 percent from the fourth quarter of 2025, indicating improved margins in core sectors.
