Saudi Tadawul Group Holding Co. (Tadawul Group) reported a drop of 30% in H1 2023 net profit to SAR 196 million from SAR 278.3 million in the year-ago period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 593.61 | 493.00 | (16.9 %) |
| Gross Income | 408.13 | 292.04 | (28.4 %) |
| Operating Income | 293.85 | 164.90 | (43.9 %) |
| Net Income | 278.30 | 196.01 | (29.6 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 2.32 | 1.63 | (29.6 %) |
The group’s operating revenue decreased by 21.8% year-on-year (YoY) to SAR 463.3 million in the six-month period due to lower trading and post-trade revenues.
Operating expenditures (OPEX) increased 9.5% YoY to SAR 328.1 million following a rise in salaries and related benefits, along with the consolidation of Direct Financial Network Co.’s financials effective from May 7, 2023, following Tadawul Group’s acquisition of a 51% stake in the latter.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped by 46.9% YoY to SAR 171.2 million. Meanwhile, gross profit also dipped 35.5% YoY to SAR 262.3 million.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 299.66 | 268.71 | (10.3 %) |
| Gross Income | 199.29 | 169.13 | (15.1 %) |
| Operating Income | 139.83 | 100.59 | (28.1 %) |
| Net Income | 137.67 | 105.23 | (23.6 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 1.15 | 0.88 | (23.6 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 224.29 | 268.71 | 19.8 % |
| Gross Income | 122.92 | 169.13 | 37.6 % |
| Operating Income | 64.31 | 100.59 | 56.4 % |
| Net Income | 90.78 | 105.23 | 15.9 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.76 | 0.88 | 15.9 % |
In the second quarter, the net profit stood at SAR 105.2 million, down 23.6% from SAR 137.67 million in Q2 2022.
On a quarterly basis, the Q2 net profit rose by 15.9% from SAR 90.78 million.
Total shareholders’ equity, no minority interest, declined to SAR 2.92 billion as of June 30, 2023, from SAR 3.01 billion a year earlier.
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