Bank Muscat and Omantel figure in the latest annual ranking of Forbes Middle East’s Top 100 Listed Companies for 2022. Bank Muscat was ranked 52nd in the list, while Omantel was placed 56th.
To construct the list, data was gathered from listed stock exchanges in the Arab world and evaluated companies based on sales, profits, assets and market value. Listed subsidiaries of other listed companies and companies that hadn't disclosed their 2021 audited financial statements as of April 20, 2022, were excluded.
For the third consecutive year, the world's largest oil and gas giant, Saudi Aramco, tops the ranking with $400.5 billion in sales and a market value of $2.3 trillion. Saudi industrials titan SABIC follows second with $46.6 billion in sales and a valuation of $100.5 billion. QNB Group rounds up the top three with $14 billion in sales and $59.1 billion in market capitalisation, making it the only Qatari company to appear amongst the top 20.
Of the 100 firms, 33 are listed in Saudi Arabia, making it the dominant origin in the list. UAE-based firms rank second with 25 entries, followed by Qatar with 16. Combined, these three Gulf nations make up nearly 75 per cent of the ranking.
Top 100 Companies 2022: Country Breakdown
Saudi Arabia 33 Kuwait 8 Jordan 3
UAE 25 Bahrain 5 Egypt 3
Qatar 16 Morocco 5 Oman 2
Amongst sectors, banking and financial services remains the most represented in this year's ranking with 42 entries, the same as 2021. Of the top 10 companies in the list, 50 per cent are banks. Industrials and telecommunications comprised the second most-populated category, with 11 entries each. Still, the companies operating in energy, industrials, and petrochemicals generated the bulk of the net income, accounting for over 65 per cent of the aggregate net income of the 100 companies.
Thanks to the surge in oil prices, Gulf countries have recovered fast, with the Middle East's listed companies outperforming. The top 100 listed companies pocketed $201.7 billion in total net income during 2021, marking a surge of over 121 per cent compared to the $91 billion in total net income from 2020. Overall, the market value of the 100 companies totaled $4 trillion, up from $3 trillion a year ago. The total value of assets spiked to $4.2 trillion, while sales climbed 44 per cent to $794 billion.
A booming business environment has also led 24 newcomers to join this year's list, including recent listings such as Dubai Electricity & Water Authority (DEWA), Alpha Dubai, Fertiglobe, ADNOC Drilling, ACWA Power, AD Ports, Solutions and Nahdi Medical.
This year, 'Forbes' Middle East also revealed its first Top 50 Listed Companies In Egypt ranking, featuring the country's most valuable and profitable players. The aggregate market value of the top 50 stands at $28.5 billion, while the value of assets exceeds $142 billion. The companies generated $39.1 billion in aggregate revenues and $5.4 billion in net income.