Business
Middle East's top 100 listed companies’ aggregate sales jump 38.5% to $1.1tn in 2023: Forbes ME
June 13, 2023 | 09:20 PM
The value of the aggregate sales for Middle East's top 100 listed companies’ has jumped 38.5% to $1.1tn this year, with profits increasing by 37.7% to hit $277.7bn, according to Forbes Middle East.In 2023, the aggregate market value of the Middle East’s Top 100 listed companies has decreased marginally by 5%, from $4tn in 2022 to $3.8tn.The value of their aggregate assets has also risen by 9.5% to $4.6 trillion as of 2022 end.GCC countries dominate 91% of the list, with Saudi Arabia being the most represented with 33 entries, followed by the UAE with 28, Qatar 16, and Kuwait with nine.The world’s largest oil and gas giant, Aramco, retains the top spot with $604.4bn in sales and a market value of $2.1tn, followed by Sabic, Qatar’s QNB Group, and the Saudi National Bank.The UAE’s International Holding Company jumped from the 12th rank in the 2022 list to the fifth spot this year, with $235.9bn in market value and total assets of $62.1bn.Despite the fallout from the collapse of Silicon Valley Bank, the banking and financial services sector still dominates, with 42 entries holding a total of $3tn in assets and generating $45.4bn in net income. However, the energy sector — led by Aramco — generated the bulk of the profits, hitting $162.4bn in 2022, Forbes Middle East noted.The 2023 list welcomed several newly-listed entities, including Qatar’s Dukhan Bank, UAE-based Multiply Group, and Americana Restaurants, along with Saudi Aramco Base Oil Company (Luberef) and Marafiq, Forbes Middle East said.
June 13, 2023 | 09:20 PM