Tadawul Group profit plunges 35% to SAR 90.8 mln in Q1 2023

Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit of SAR 90.8 million in the first quarter of 2023, a drop of 35% from SAR 140.6 million in the year-ago period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	293.99	224.29	(23.7 %)
Gross Income	208.88	122.92	(41.2 %)
Operating Income	154.25	64.31	(58.3 %)
Net Income	140.64	90.78	(35.4 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.17	0.76	(35.4 %)

Item	Q4 2022	Q1 2023	Change‬
Revenues	232.87	224.29	(3.7 %)
Gross Income	133.81	122.92	(8.1 %)
Operating Income	53.77	64.31	19.6 %
Net Income	57.18	90.78	58.8 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.48	0.76	58.8 %

The group’s operating revenue decreased 28.1% year-on-year (YoY) to SAR 211.3 million in Q1 2023 due to lower trading revenue and post-trade revenue. Operating expenditures (OPEX) increased 14.5% YoY to SAR 160 million following a rise in salaries and related benefits, along with higher depreciation and amortization costs.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased 58.7% YoY to SAR 68.9 million. Meanwhile, non-operating profit increased 655.6% YoY to SAR 57.7 million mainly due to higher investment income and a reversal of impairment in investment in associates.

On a sequential basis, the first-quarter net profit jumped 58.8% from SAR 57.18 million as non-operating profit increased 103.4% YoY and OPEX fell 10.7% quarter-on-quarter (QoQ), which drove EBITDA higher by 11.7% QoQ. However, operating revenue decreased 4.9% QoQ.

Total shareholders’ equity, no minority interest, stood at SAR 3.27 billion by the end of Q1 2023, compared to SAR 3.23 billion a year-ago.

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Share Price

Saudi Tadawul Group Holding Co. (TADAWUL GROUP)

	Current
Market Cap (M Riyal)	26,232.00
Enterprise Value (EV) (M)	23,001.21
Shares Outstanding ((M))	120.00
EPS ( Riyal) (TTM)	4.98
Book Value (BV) ( Riyal)	28.07
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	43.90
P/E (TTM)	43.90
Price/book	7.79
Return on Average Assets (%) (TTM)	7.0
Return on Average Equity (%) (TTM)	18.5

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	487.01	40.8 %	325.20	70.1 %	186.14	116.7 %
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	402.67	(17.3 %)	224.81	(30.9 %)	33.47	(82.0 %)
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	545.45	-	249.98	-	57.45	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	583.28	6.9 %	284.78	13.9 %	74.26	29.2 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	564.75	(3.2 %)	238.62	(16.2 %)	41.66	(43.9 %)
Q1 2020	168.32	-	87.58	-	47.02	-
Q2 2020	267.10	-	195.80	-	142.72	-
Q3 2020	262.07	-	168.34	-	127.42	-
Q4 2020	382.14	-	302.68	-	226.01	-
2020	1,079.64	91.2 %	754.40	216.2 %	543.16	1203.8 %
Q1 2021	332.37	97.5 %	240.10	174.2 %	194.62	313.9 %
Q2 2021	313.54	17.4 %	231.19	18.1 %	175.87	23.2 %
Q3 2021	262.64	0.2 %	178.48	6.0 %	130.30	2.3 %
Q4 2021	257.54	(32.6 %)	184.53	(39.0 %)	110.57	(51.1 %)
2021	1,166.08	8.0 %	834.29	10.6 %	613.57	13.0 %
Q1 2022	293.99	(11.5 %)	208.88	(13.0 %)	154.25	(20.7 %)
Q2 2022	299.66	(4.4 %)	199.29	(13.8 %)	139.83	(20.5 %)
Q3 2022	263.72	0.4 %	160.53	(10.1 %)	98.27	(24.6 %)
Q4 2022	232.87	(9.6 %)	133.81	(27.5 %)	53.77	(51.4 %)
2022	1,090.20	(6.5 %)	702.47	(15.8 %)	445.88	(27.3 %)
Q1 2023	224.29	(23.7 %)	122.92	(41.2 %)	64.31	(58.3 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	345.91	(21.4 %)	191.18	(31.7 %)	85.91	(53.4 %)
2014	487.01	40.8 %	325.20	70.1 %	186.14	116.7 %
2015	402.67	(17.3 %)	224.81	(30.9 %)	33.47	(82.0 %)
2016	-	-	-	-	-	-
2017	545.45	-	249.98	-	57.45	-
2018	583.28	6.9 %	284.78	13.9 %	74.26	29.2 %
2019	564.75	(3.2 %)	238.62	(16.2 %)	41.66	(43.9 %)
2020	1,079.64	91.2 %	754.40	216.2 %	543.16	1203.8 %
2021	1,166.08	8.0 %	834.29	10.6 %	613.57	13.0 %
2022	1,090.20	(6.5 %)	702.47	(15.8 %)	445.88	(27.3 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	265.02	73.9 %	2.21	-	265.02	2.21
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	107.33	(59.5 %)	0.89	-	107.33	0.89
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	145.30	-	1.21	-	145.30	1.21
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	148.19	2.0 %	1.23	-	148.19	1.23
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	153.29	3.4 %	1.28	-	153.29	1.28
Q1 2020	63.85	-	0.53	-	63.85	0.53
Q2 2020	150.11	-	1.25	-	150.11	1.25
Q3 2020	132.96	-	1.11	-	132.96	1.11
Q4 2020	153.59	-	1.28	-	153.59	1.28
2020	500.52	226.5 %	4.17	-	500.52	4.17
Q1 2021	179.64	181.3 %	1.50	-	179.64	1.50
Q2 2021	181.07	20.6 %	1.51	-	181.07	1.51
Q3 2021	115.19	(13.4 %)	0.96	-	115.19	0.96
Q4 2021	110.46	(28.1 %)	0.92	-	110.46	0.92
2021	587.69	17.4 %	4.90	-	587.69	4.90
Q1 2022	140.64	(21.7 %)	1.17	-	140.64	1.17
Q2 2022	137.67	(24.0 %)	1.15	-	137.67	1.15
Q3 2022	89.12	(22.6 %)	0.74	-	89.12	0.74
Q4 2022	57.18	(48.2 %)	0.48	-	57.18	0.48
2022	424.60	(27.8 %)	3.54	-	424.60	3.54
Q1 2023	90.78	(35.4 %)	0.76	20.89	69.89	0.58

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	152.43	(37.3 %)	1.27	-	152.43	1.27
2014	265.02	73.9 %	2.21	-	265.02	2.21
2015	107.33	(59.5 %)	0.89	-	107.33	0.89
2016	-	-	-	-	-	-
2017	145.30	-	1.21	-	145.30	1.21
2018	148.19	2.0 %	1.23	-	148.19	1.23
2019	153.29	3.4 %	1.28	-	153.29	1.28
2020	500.52	226.5 %	4.17	-	500.52	4.17
2021	587.69	17.4 %	4.90	-	587.69	4.90
2022	424.60	(27.8 %)	3.54	-	424.60	3.54

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	66.78 %	41.87 %	54.42 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	55.83 %	12.39 %	26.66 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	45.83 %	16.13 %	26.64 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	48.82 %	18.26 %	25.41 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	42.25 %	16.46 %	27.14 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	69.88 %	52.51 %	46.36 %
2020	69.88 %	54.78 %	46.36 %
Q1 2021	72.92 %	57.46 %	49.55 %
Q2 2021	73.04 %	59.06 %	50.17 %
Q3 2021	73.79 %	59.52 %	48.77 %
Q4 2021	71.55 %	56.09 %	50.28 %
2021	71.55 %	57.51 %	50.40 %
Q1 2022	71.21 %	55.54 %	48.54 %
Q2 2022	69.24 %	53.31 %	45.25 %
Q3 2022	67.56 %	50.30 %	42.86 %
Q4 2022	64.44 %	46.71 %	38.95 %
2022	64.44 %	46.69 %	38.95 %
Q1 2023	60.41 %	41.58 %	34.67 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	55.27 %	31.31 %	44.07 %
2014	66.78 %	41.87 %	54.42 %
2015	55.83 %	12.39 %	26.66 %
2016	-	-	-
2017	45.83 %	16.13 %	26.64 %
2018	48.82 %	18.26 %	25.41 %
2019	42.25 %	16.46 %	27.14 %
2020	69.88 %	54.78 %	46.36 %
2021	71.55 %	57.51 %	50.40 %
2022	64.44 %	46.69 %	38.95 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	52.03 %	-	37.93 %
Q2 2020	73.31 %	-	56.20 %
Q3 2020	64.24 %	53.14 %	50.74 %
Q4 2020	79.21 %	62.27 %	40.19 %
Q1 2021	72.24 %	58.56 %	54.05 %
Q2 2021	73.73 %	60.62 %	57.75 %
Q3 2021	67.96 %	55.41 %	43.86 %
Q4 2021	71.65 %	48.08 %	42.89 %
Q1 2022	71.05 %	56.77 %	47.84 %
Q2 2022	66.51 %	52.57 %	45.94 %
Q3 2022	60.87 %	42.69 %	33.79 %
Q4 2022	57.46 %	31.06 %	24.55 %
Q1 2023	54.80 %	36.52 %	31.16 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	120.00	-	-	-
Q2 2020	120.00	-	-	-
Q3 2020	120.00	-	-	-
Q4 2020	120.00	4.17	4.17	30.29
Q1 2021	120.00	5.14	5.14	31.79
Q2 2021	120.00	5.39	5.39	23.97
Q3 2021	120.00	5.25	5.25	24.93
Q4 2021	120.00	4.89	4.89	25.77
Q1 2022	120.00	4.56	4.56	26.94
Q2 2022	120.00	4.20	4.20	25.09
Q3 2022	120.00	3.98	3.98	25.83
Q4 2022	120.00	3.54	3.54	26.50
Q1 2023	120.00	3.12	2.95	27.25

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	120.00	1.27	1.27	26.56
2014	120.00	2.21	2.21	27.81
2015	120.00	0.89	0.89	27.53
2016	-	-	-	-
2017	120.00	1.21	1.21	26.56
2018	120.00	1.23	1.23	26.96
2019	120.00	1.28	1.28	27.16
2020	120.00	4.17	4.17	30.29
2021	120.00	4.90	4.90	25.77
2022	120.00	3.54	3.54	26.50

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	25.75	25.75	4.88
Q1 2022	41.87	41.87	7.09
Q2 2022	45.00	45.00	7.53
Q3 2022	50.57	50.57	7.80
Q4 2022	51.15	51.15	6.83
Q1 2023	46.24	48.97	5.30

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	25.69	25.69	4.88
2022	51.15	51.15	6.83

Business Segments (Million)

Compared With The

Period	Post Trade	Capital Markets	Data and technology services
Q4 2020	171.90	155.55	54.69
Q1 2021	163.48	145.04	23.85
Q2 2021	154.76	135.08	23.69
Q3 2021	136.13	103.26	23.24
Q4 2021	128.60	106.46	22.48
Q1 2022	148.06	121.28	24.61
Q2 2022	160.00	115.86	22.26
Q3 2022	138.14	91.44	27.60
Q4 2022	137.27	77.97	25.72
Q1 2023	120.56	72.27	31.46

Period	Post Trade	Capital Markets	Data and technology services
2017	284.85	197.58	63.03
2018	298.32	224.15	60.81
2019	281.50	221.91	61.35
2020	511.77	455.37	112.50
2021	582.97	489.84	93.26
2022	583.47	406.54	100.19

Analysts Estimates (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change‬
Average	54.30	90.78	67.19 %

Estimates vs Actual (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change
SNB Capital	54.30	90.78	67.2 %

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Tadawul Group profit plunges 35% to SAR 90.8 mln in Q1 2023

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Saudi Tadawul Group Holding Co. (TADAWUL GROUP)

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Tadawul Group profit plunges 35% to SAR 90.8 mln in Q1 2023

Current Quarter Comparison (M)

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Share Price

Saudi Tadawul Group Holding Co. (TADAWUL GROUP)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2023

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

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