Top 100 Listed Companies 2024
Forbes Middle East: Economic uncertainty has cast a shadow over MENA companies in recent years, with the top 100 listed companies seeing a marginal 5.1% decrease in their sales from $1.1 trillion in 2022 to $1 trillion in 2023. Their net profits also dropped by 13.5% to $240.2 billion, and their aggregate market value decreased marginally by 4.4% to $3.6 trillion as of April 2024. However, it’s not all bad news. The value of their total assets grew by 5.4% to $4.9 trillion in 2023, compared to a year earlier.
GCC companies dominate the list with 92 entries, led by the U.A.E. with 32 companies, followed by 31 from Saudi Arabia. The list also features 14 companies from Qatar, 10 from Kuwait, four from Morocco, three from Bahrain, and two entries each from Egypt, Jordan, and Oman.
Saudi Aramco retains the top spot this year with $660.8 billion in assets and $1.9 trillion in market value, followed by the Saudi National Bank and the International Holding Company. The banking and financial services sector is the most represented with 45 entries generating aggregate sales of $223.5 billion, with $3.3 trillion in assets. However, the energy sector, represented by five companies, is the most profitable, with a combined profit of $127.5 billion, thanks to Aramco.
The 2024 list welcomed six new companies including the U.A.E.’s ADNOC Gas, Borouge, PureHealth Holding, and ADNOC Logistics & Services, and Saudi’s Elm and ADES Holding. While notable dropouts include SABIC—ranked second last year—after being hit by a $102.5 million loss in 2023 compared to a $6.3 billion profit in 2022.
