Tadawul Group Q1 2024 profit more than doubles to SAR 201.5M

Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit of SAR 201.5 million in Q1 2024, a more than two-fold increase from SAR 90.8 million in the year-earlier period.

The profit surge was propelled by a 72.8% rise year-on-year (YoY) in operating revenue to SAR 387.6 million in Q1 2024 amid increased trading services and post-trade services revenues. In addition, the company reported a 49.5% YoY increase in data and technology services revenues.

Operating expenditure grew 22.1% YoY to SAR 195.4 million due to the consolidation of Direct Financial Network Co.'s financials, effective from May 7, 2023, following the acquisition of a 51% stake. This is in addition to the rise in workforce costs due to an increase in headcount as per the group’s plan, and the increased costs in systems maintenance.

Gross profit also jumped by 112.9% YoY to SAR 261.7 million in Q1 2024.

On a quarterly basis, net earnings more than doubled from SAR 91.7 million.

Shareholders’ equity, no minority interest, reached SAR 3.32 billion by March 31, 2024, compared to SAR 3.27 billion a year ago.

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