BUSINESSSEMAFOR
Prewar, Gulf corporate profits were on a tear
Gulf corporate profits reached a record $67.9 billion in Q1 2026, driven by Saudi Aramco's $32 billion and regional banks' $16.9 billion. However, the Iran war, which began on Feb. 28, disrupted operations, causing declines at ADNOC Gas and Industries Qatar. The full impact will be assessed in July with Q2 results amid the Strait of Hormuz closure.
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