With the end of the legal deadline for the companies listed on the Kuwait Stock Exchange to announce their results for the third quarter, the total profits of 143 companies that disclosed their financial statements for the first nine months of this year amounted to $5.4 billion, compared to $8.8 billion in the same period last year.
The economic activity in Kuwait is witnessing a remarkable momentum from the beginning of this year until the end of September, which was reflected in the performance of the Stock Exchange, which achieved significant gains at the level of its indicators and variables, most notably the market value, which increased by about $13 billion, in addition to the liquidity, which increased by 22 percent to about $37 billion. Compared to the same period of 2021, with a liquidity of $30 billion, the premier market index, which includes the largest listed companies in terms of high liquidity and capital value, increased by 4 percent.
According to the disclosures, it appeared that the results of the industrial sector were the main reason for the significant decline in the total profits of the listed companies in the first nine months of this year, as its profits fell by 88.9 percent to reach $377 million, compared to $3.3 billion for the corresponding period of last year. The exceptional profits of Agility, which it achieved from the evaluations of its investment in the Danish company “DSV” at the time, had a positive impact on the general sector and the profits of listed companies in general, while the return of the company’s profits to their normal growth rates after those exceptional profits reduced the profits of the sector and stock exchange companies in general.
In addition to the industrial sector, 6 other sectors recorded declines in their total profits during the first nine months of this year compared to what they achieved during the same period last year, topped by the consumer goods sector with a decline of 306 percent, then the energy sector by 108 percent, real estate by 58 percent, and insurance by 41. 5 percent, financial services at 37 percent, and benefits at 1.6 percent.
6 sectors witnessed increases in their total profits during the first nine months of 2022 compared to the same period of 2021, led by the basic materials sector with a growth of 118.7 percent, followed by the technology sector by 47.3 percent, then banks by 25 percent, followed by consumer services by 23.1 percent. Communications accounted for 20.9 percent, and health care accounted for 19.6 percent.
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