Two insurers among GCC's 15 fastest growing listed companies
Source: Middle East Insurance Review | Feb 2017
Qatar Insurance Company (QIC) and Bupa Arabia for Cooperative Insurance have been named among the 15 fastest-growing companies in the GCC, taking the second and third spot, respectively, for their strong financial performance during the 2011-15 period, according to a report published by research group Marmore MENA Intelligence.
The report, based on listed companies’ annual growth in revenues and/or net income in the five years to 2015, showed that these 15 companies achieved between 20% and 63% annual growth in revenues over that period. Some 13 of the 15 companies – or 90% of the total – came from Saudi Arabia and Qatar.
QIC, with a 40% annual lift in revenues and 15% annual increase in net income, was the second-fastest growing listed company in terms of revenue growth.
Bupa Arabia, whose revenues also increased by 40% per annum, took the third spot on the list. The health insurer’s net income nearly doubled each year, growing at a compound rate of 99%.
Saudi Arabian Mining Company (Ma’aden) took the top spot with strong revenue growth of 63% per annum. Its net income also rose at a double-digit rate.