KUWAIT CITY - A specialized economic report revealed that 137 companies (96.5 percent) out of the 142 listed on the Kuwait Stock Exchange (KSE) have announced their operating results for 2024. The report, released by Al-Shall Consulting on Saturday, highlighted that these companies generated net profits of approximately KD 2.804 billion (around USD 8.6 billion), marking an increase of about 9.8 percent compared to the KD 2.555 billion (about USD 7.8 billion) in profits reported by the same companies in 2023.

The report also noted that 113 companies reported profits, while 24 companies incurred losses, compared to 114 profitable companies and 23 loss-making companies in 2023. Additionally, the report stated that 85 companies showed progress in their performance, with 68 companies increasing their profits, and 17 companies either moving from losses to profits or reducing their losses. This means that 62 percent of the companies that announced their results achieved performance improvements. In 2023, 82 companies from the same sample showed progress.

In terms of sector performance, the banking sector saw an increase in profits from KD 1.535 billion (about USD 4.7 billion) in 2023 to KD 1.660 billion (about USD 5 billion), reflecting a rise of KD 125 million (approximately USD 383.7 million), or 8.1 percent. The financial services sector followed closely, recording an increase of KD 84.9 million (around USD 260.6 million), bringing its profits to KD 318 million (approximately USD 976.2 million), compared to KD 233.1 million (around USD 715.6 million) in 2023. Meanwhile, the telecommunications sector saw a decline in profits from KD 319.5 million (approximately USD 980.8 million) to KD 285 million (around USD 874.9 million), a decrease of KD 34.5 million (about USD 105.9 million), or 10.8 percent.

Furthermore, 88 companies expressed their intention to distribute dividends. Among them, 49 companies announced they would distribute cash dividends only, 12 companies planned to distribute bonus shares only, and 27 companies revealed they would provide a mixed distribution of both cash dividends and bonus shares. However, 49 companies declared they would not distribute dividends.

Boursa Kuwait Securities Company, which was established in April 2014, is responsible for managing the operations of the stock market in Kuwait. Since 2016, Boursa Kuwait has played a key role in enhancing communication, growth, and innovation in the stock market, while supporting the Capital Markets Authority, issuers, investors, and other stakeholders. The Kuwait Stock Exchange continues to play a vital role in the development of the Kuwaiti financial market, contributing to the diversification of the national economy in alignment with the goals of the New Kuwait Vision 2035.

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