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Thursday, 29 October 2009

Gulf companies show signs of recovery

After a difficult year, Gulf companies are beginning to show signs of recovering from the downturn, with third-quarter earnings figures making largely heartening reading.

The results for 385 companies that have reported so far indicate an overall 25 per cent year-on-year decline in profits, according to figures compiled by EFG-Hermes. This is a marked improvement from the 48 per cent slump in the second quarter.

Quarter on quarter, earnings rose 7 per cent between July and September. While this is less than the 14.4 per cent jump in the second quarter, it still indicates an improving trend.