Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit after Zakat and tax of SAR 140.6 million in the first quarter of 2022, down 22% from SAR 179.6 million in the year-ago period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 332.37 | 293.99 | (11.5 %) |
| Gross Income | 240.10 | 208.88 | (13.0 %) |
| Operating Income | 194.62 | 154.25 | (20.7 %) |
| Net Income | 179.64 | 140.64 | (21.7 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 1.50 | 1.17 | (21.7 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 257.54 | 293.99 | 14.2 % |
| Gross Income | 184.53 | 208.88 | 13.2 % |
| Operating Income | 110.57 | 154.25 | 39.5 % |
| Net Income | 110.46 | 140.64 | 27.3 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.92 | 1.17 | 27.3 % |
The lower profit was attributed to an 11.6% decline in operating revenue to SAR 293.9 million, compared to SAR 332.4 million in Q1 2021, mainly due to a decrease in trading services and post-trade services.
Operating expenses (OPEX) also increased by 1.8% year-on-year (YoY) to SAR 140.2 million. EBITDA fell by 20.4% YoY to SAR 166.4 million.
On a sequential basis, the first-quarter net profit leapt 27.2% from SAR 110.5 million. Operating revenue jumped by 14.1% quarter-on-quarter (QoQ) to SAR 293.9 million in the three-month period. OPEX declined by 4.4% QoQ to SAR 140.2 million. EBITDA climbed 34.1% QoQ to SAR 166.4 million.
Total shareholders’ equity, excluding minority interest, declined 15.2% to SAR 3.233 billion in Q1 2022, compared to SAR 3.814 billion in the year-ago period.
The post-trade revenue decreased by 9.4% reaching SAR 148.1 million in Q1 2022 compared to SAR 163.5 million in Q1 2021, due to the normalization of trading volumes which contracted by 22.1% YoY.
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