Seven Bahraini firms among top 100 companies in Middle East

Seven Bahraini companies have been listed among the top 100 companies in the Middle East.

Forbes Middle East has released its rankings of the 100 largest and most profitable companies listed on the region’s stock exchanges.

The seven companies are Ahli United Bank, which has been ranked 26, the Arab Banking Corporation (61), Al Baraka Banking Group (63), National Bank of Bahrain (71), BBK (73), Alba (74) and Batelco (81).

Ahli United Bank reported a $6.4 billion market value, with $2.1bn in sales and $789 million in profits, while Arab Banking Corporation reported a $1.2bn market value with $1.8bn in sales and $236m in profits, and Al Baraka Banking Group reported a $339m market value, with $1.9bn in sales and $180m in profits.

The National Bank of Bahrain reported a $2.8bn market value, with $470m in sales and $197m in profits, BBK reported a $1.8bn market value, with $587m in sales and $202m profits, Alba reported a $1.4bn market value, with $2.7bn in sales and $14m in profits, and Batelco reported a $1.6bn market value, with $1.1bn in sales and $165m in profits.

“The last few months have been tough for listed businesses in the Middle East, with many experiencing a sharp drop in market value due to the coronavirus effect on stock markets worldwide,” said the Forbes report.

“However, by the end of Q1 of 2020, that hadn’t seemed to have dampened things for listed companies in the Middle East.

“This year, with the debut of Saudi Aramco at number 1 on our annual list of the Top 100 Companies In The Middle East, the ranking’s aggregate numbers reached record highs.

“In total, the 100 companies made $670bn in sales and $148bn in net profits.

“They have $3.5 trillion in assets, and they are worth $2.3trn in terms of market cap for the financial year 2019-2020.”

According to the report, Saudi Arabia dominates the list with 33 companies, followed by the UAE with 21 companies and Qatar with 18 companies.

While the banking and financial services sector dominates the list with 46 entries, followed by the industrial sector with nine companies, while real estate and construction, and telecommunications has eight entries each.

Source: http://www.gdnonline.com/Details/824929/Seven-Bahraini-firms-among-top-100-companies-in-Middle-East