KUWAIT CITY — Corporate earnings in the energy-rich Gulf states rose 10 per cent last year, for the first time surpassing their highest level before the global financial crisis, a report said on Tuesday.

Net profits of the 658 listed companies on the seven bourses of the Gulf Cooperation Council (GCC) states reached $68 billion in 2014 compared with $61.7 billion the previous year, investment firm Kuwait Financial Centre (Markaz) said in a report.

It was the first time Gulf corporate earnings had surpassed $63.2 billion, which was recorded in 2007 a year before the financial crisis hit. The six-nation GCC consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates (UAE).

Markaz projected that GCC companies’ earnings will rise by 5.5 per cent to $71.2 billion in 2015. Banks, financial services and real estate sectors accounted for most of the increase in profits which were dragged down by a 10 per cent decline in the telecommunications sector’s earnings, Markaz said.

The UAE led with the highest growth in corporate profits, recording a 32 per cent rise, followed by Bahrain with 11 per cent and Kuwait at 8 per cent.