UAE Listed Firms' Q2 Profits Surge 28.6% To $21.6 Billion On Banking, Real Estate Strength
Abu Dhabi-listed firms accounted for the bulk of the growth, with net profits climbing 41.8 per cent year-on-year to $14.7 billion, compared with $10.3 billion in the second quarter of 2025. Dubai-listed companies added $6.9 billion in net profits, a more modest 4.9 per cent increase from $6.5 billion a year earlier.
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The strong profitability of local companies showed the resilience amid ongoing regional conflict.
For the first half of 2026, combined UAE net profits reached $38.9 billion, up 21.6 per cent from $32 billion in the same period last year, with Abu Dhabi's aggregate profits rising 29.8 per cent to $25.2 billion and Dubai's climbing 8.5 per cent to $13.7 billion.
Major driversAbu Dhabi's banking sector reported aggregate earnings of $3.5 billion in the second quarter, up 12.1 per cent year-on-year. First Abu Dhabi Bank posted the largest net profit among listed banks at $1.6 billion, a 3.8 per cent increase, while Abu Dhabi Commercial Bank's profit rose to $919.1 million from $699.2 million, driven by a 12 per cent expansion in operating income.
The food, beverage and tobacco sector posted the second-largest earnings on the exchange, with profits jumping more than three-fold to $3.5 billion, largely on the back of International Holding Company's non-operating gains, including a one-off boost from investment disposals. The capital goods sector also recorded a 170 per cent surge, led by Two-Point Zero Group.
In Dubai, banks and real estate together accounted for 75.9 per cent of total quarterly profits. The banking sector's net profits rose 5.1 per cent to $3.3 billion, supported by Mashreq Bank and Emirates NBD, the latter posting a record half-year performance after consolidating India's RBL Bank.
Real estate profits surged 20.1 per cent to $1.9 billion, led by Emaar Properties, which posted $1 billion in quarterly net profit on the back of $7.2 billion in property sales and a revenue backlog of $44.9 billion. Emaar Development reported the sector's second-largest earnings for the first half at $1.5 billion.
Nine of Dubai's thirteen listed sectors posted year-on-year profit gains during the quarter, while four recorded declines, including utilities and telecom.
Regional backdropTotal net profits reported by companies listed on GCC exchanges reached $74.8 billion during the second quarter, marking a second consecutive quarter of year-on-year growth and a new high for the region. This represented a 31.3 per cent year-on-year increase and 10 per cent growth compared with the first quarter of 2026.
The sharp rise mainly reflected higher average crude oil prices linked to the regional geopolitical situation, which more than offset a decline in crude oil exports from the region. Average Brent crude spot prices rose 27 per cent for a second straight quarter, helping more than a third of listed regional energy companies report stronger earnings.
Kuwait recorded the steepest percentage growth in the GCC, with net profits almost doubling to $3.1 billion, while Saudi Arabia, Abu Dhabi and Oman all posted double-digit gains. Qatari and Bahraini companies were the outliers, reporting profit declines of 20 per cent and 0.4 per cent, respectively.
Kamco Invest's report noted that revenue growth across GCC-listed companies also strengthened during the quarter, with aggregate revenues reaching $381.6 billion, a 17 per cent year-on-year rise, though much of this was driven by a 28.1 per cent revenue jump at Saudi Aramco.
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