Forbes Middle East has released its ranking for the most profitable and largest 100 companies in the Middle East region. The ranking included seven Bahraini companies among the top 100.
The seven companies that were ranked are Ahli United Bank, which has been ranked as the 26th in the middle east, the Arab Banking Corporation (ABC) as the 61st, Al Baraka Bank as the 63rd, National Bank of Bahrain (NBB) as the 71st, Bank of Bahrain and Kuwait (BBK) as the 73rd, Alba as the 74th and Batelco as the 81st.
Ahli United Bank reported a $2.1bn in sales, $6.4 billion market value and $789 million in profits, while Arab Banking Corporation (ABC) reported a $1.8bn in sales, $1.2bn market value and $236m in profits, and Al Baraka Banking Group reported a $1.9bn in sales, $339m market value and $180m in profits.
Moreover, The National Bank of Bahrain (NBB) reported a $470m in sales, $2.8bn market value and $197m in profits, while Bank of Bahrain and Kuwait (BBK) reported a $587m in sales, $1.8bn market value and $202m profits, and Alba reported a $2.7bn in sales, $1.4bn market value and $14m in profits, while Batelco reported a $1.1bn in sales, $1.6bn market value and $165m in profits.
According to the Forbes report, 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 COVID-19 effect on stock markets worldwide.
In overall, the 100 companies made a $148bn in net profits and a $670bn in sales with the banking and financial services sector dominating the list, followed by the industrial sector, real estate and construction and telecommunication companies.