Revealed: Top 10 companies in the Middle East in 2020

The year 2020 began on an ambivalent note.

The coronavirus pandemic set a new world order in motion, enforcing quasi or complete lockdowns, morphing workplaces into remote desks and prompting industries to rethink their strategies for short- and long-term sustainability.

However, by the end of the first quarter, the outlook didn’t seem too bleak for listed stalwarts in the Middle East.

In this year’s Forbes list of the Middle East’s Top 100 Companies 2020, oil giant Saudi Aramco reigned, representing 49 per cent of aggregate sales of the top 100 companies, and 59.6 per cent of its net profits.

Collectively, the 100 companies made $670bn in sales and $148bn in net profits, held $3.5 trillion in assets, and were worth $2.3 trillion in terms of market capitalisation for the financial year 2019/20.

Saudi Arabia took the lead in terms of country domination as well, with 33 companies present in the list, followed by the UAE with 21 companies. Category-wise, the banking and financial services sector ruled the list, followed by the industrials sector.

According to the Forbes list, the top 10 most profitable companies listed on the region’s bourses are as follows:

Saudi Aramco
Country: Saudi Arabia
Sector: Energy
Sales: $329.8bn
Market Value: $1.6 trillion

QNB
Country: Qatar
Sector: Banks and financial services
Sales: $16.3bn
Market Value: $42.6bn

First Abu Dhabi Bank
Country: UAE
Sector: Banks and financial services
Sales: $9.1bn
Market Value: $28.7bn

SABIC
Country: Saudi Arabia
Sector: Industrials
Sales: $37.3bn
Market Value: $56bn

Emirates NBD
Country: UAE
Sector: Banks and financial services
Sales: $9.8bn
Market Value: $12.4bn

National Commercial Bank
Country: Saudi Arabia
Sector: Banks and financial services
Sales: $6.8bn
Market Value: $27.8bn

Al Rajhi Bank
Country: Saudi Arabia
Sector: Banks and financial services
Sales: $5.3bn
Market Value: $35.9bn

Saudi Telecom
Country: Saudi Arabia
Sector: Telecommunications
Sales: $14.5bn
Market Value: $46.7bn

Etisalat Group
Country: UAE
Sector: Telecommunications
Sales: $14.2bn
Market Value: $33.2bn

National Bank of Kuwait
Country: Kuwait
Sector: Banks and financial services
Sales: $4.5bn
Market Value: $ 15.7bn