Listed Kuwaiti firms see 75% drop in H1 net profit

Companies listed on Kuwait Stock Exchange (KSE) saw their net profit for the first half of 2009 plummet by 75 percent, compared to the same period in the previous year.

In total, the 190-plus firms posted KD591m ($2bn) in net profit, but that was down 75 percent from KD2.3bn due to the global economic crisis, Al Juman Economic Consulting Centre said in a report.

There were 126 profit-makers, earning KD993 million, while there were 58 loss-makers, losing KD 402 million, KUNA News Agency reported, citing the report.

It showed a dip in the performance of all the sectors, with investment the biggest losers with a drop of KD228 million or 149 percent.

Industrial company profits dropped by 86 percent and insurance by 82 percent.

Telecom company Zain was the big winner in the first half of 2009 by gaining KD154 million, followed by the National Bank of Kuwait (NBK) by KD126 million.

Global was the main victim of the global downturn, losing KD99 million, followed by Gulf Finance (KD56 million), the report said.

The statistics included 194 out of 217 businesses registered with the Kuwaiti bourse.

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