A look at TASI’s performance since Feb. 2006

A look at TASI performance since Feb. 2006

Tadawul trading screen

Today, Feb. 25, marks the 19th anniversary of the Tadawul All-Share Index (TASI) hitting its highest historical peak on Feb. 25, 2006, at 20,967 points, before closing at 20,635 points.

The index, which closed at 12,301 points today, plunged by 40% compared to its closing on Feb. 25, 2006.

Over this period, the Saudi market experienced several changes, including the introduction of various regulations, the listing of multiple companies and funds, the launch of Nomu-Parallel Market, among other measures.

TASI Closing
Feb. 25, 2006	Feb. 25, 2025	Change (pts)	Change (%)
20635	12301	(8334)	(40%)

The following table shows TASI performance since February 2006:

Close of TASI on Feb. 25 Since 2006
Year	Close (pts)	Change (%)
2006	20635	+133%
2007	8443	(59%)
2008	10211	+21%
2009	4542	(56%)
2010*	6466	+42%
2011**	6264	(3%)
2012	7120	+20%
2013	7042	(1%)
2014	9062	+29%
2015	9320	+3%
2016	5976	(36%)
2017**	7046	+18%
2018	7494	+6%
2019	8433	+13%
2020	7758	(8%)
2021	9195	+19%
2022**	12298	+34%
2023**	10153	(17%)
2024	12605	+24%

*Close of Feb. 24 (Feb. 25 was a holiday)

**Close of Feb. 23 (Feb. 25 was a holiday)

Market highs over the years

The index did not record a higher closing than its 2006 peak in the past 19 years. The highest level reached was in 2022 at 13,949 points.

TASI Close Since 2006
Year	Close (Points)	Change (%)
2006	20635	+133%
2007	8443	(59%)
2008	10211	+21%
2009	4542	(56%)
2010*	6466	+42%
2011**	6264	(3%)
2012	7120	+20%
2013	7042	(1%)
2014	9062	+29%
2015	9320	+3%
2016	5976	(36%)
2017**	7046	+18%
2018	7494	+6%
2019	8433	+13%
2020	7758	(8%)
2021	9195	+19%
2022**	12298	+34%
2023**	10153	(17%)
2024	12605	+24%
2025	12301	(2%)

*Closed on Feb. 24 (as Feb. 25 was a holiday)

Closed on Feb. 23 (as Feb. 25 was a holiday)

TASI has not reached levels near to its peak in the past 19 years. The highest level recorded during this period was in 2022, at 13,949 points, as shown in the table below:

Highest Level over Past 18 Years
Year	Date	Level (Point)
2006	Feb. 25	20967
2007	Dec. 24	11871
2008	Jan. 13	11965
2009	Oct. 25	6579
2010	May 4	6939
2011	Jan. 17	6795
2012	April 2	7944
2013	Dec. 24	8578
2014	Sept. 9	11160
2015	April 30	9897
2016	Dec. 28	7279
2017	July 2	7586
2018	July 23	8503
2019	May 2	9403
2020	Dec. 17	8766
2021	Oct. 24	11955
2022	May 9	13949
2023	Dec. 31	11982
2024	March 24	12883
2025*	Jan.29	12536

*Since year-start until Feb. 25

The number of listed companies in the Saudi market reached 250 (including REITs but excluding Nomu-listed firms), compared to 77 on Feb. 25, 2006.

Over the past 19 years, several companies were listed, while some were merged or delisted, bringing the total number of listed companies to 250.

During this period, Saudi Aramco was listed in the largest-ever IPO on the Saudi market. The company's current market value stands at SAR 6.6 trillion.

Number of Companies
Period	Feb. 25, 2006**	Feb. 25, 2025	Change (Company)
Number of Companies	77	250	+173

Including companies and REITs on TASI

*Including all companies listed at that time

On Feb. 25, 2025, traded value reached SAR 5.3 billion, with 220 million shares traded through 421,800 transactions.

Compared to Feb. 25, 2006, traded value dropped 87%, while the number of transactions declined by 19%. In addition, trading volume was down 33% over the period, as shown in the table below:

Daily Trading Average
Period	Feb. 25, 2006	Feb. 25, 2025	Change
Value (SAR bln)	(39.9)	(5.3)	(87%)
Traded Volume (mln shares)	(326.3)	(219.5)	(33%)
No. of Transactions (‘000)	(518.0)	(421.8)	(19%)

Period	Traded Volume (mln shares)	No. of Transactions (‘000)
2006	326.3	518.0
2007	2147.9	375.7
2008	568.0	219.9
2009	456.7	144.1
2010*	200.1	70.3
2011**	809.0	81.2
2012	926.7	229.3
2013	399.1	129.3
2014	418.2	181.1
2015	468.7	110.6
2016	412.6	121.0
2017**	246.6	103.5
2018	315.7	97.0
2019	139.5	88.6
2020	313.6	178.2
2021	928.7	486.0
2022*	876.5	495.6
2023**	233.9	301.7
2024	385.4	432.5
2025	219.5	421.8

*Feb. 24 (Feb. 25 was a holiday)

**Feb. 23 (Feb. 25 was a holiday)

Stock Performance

Only seven companies rose on Feb. 25, 2026, while 65 others declined.

SADAFCO was the top gainer, soaring 184%, followed by Jarir (164%). Almarai and Tawuniya leapt 120% and 105%, respectively.

Top gainers compared to Feb. 25, 2006
Company	Feb. 25, 2006*	Feb. 25, 2025	Change
SADAFCO	111.60	316.40	+184%
Jarir	4.88	12.88	+164%
Almarai	26.42	58.00	+120%
Tawuniya	69.31	142.20	+105%
Saudi Chemical	7.29	9.60	+32%
SASCO	61.45	72.80	+18%
Al Rajhi Bank	92.67	100.00	+8%

*Capital changes were taken into account.

Bank Albilad led the least declining stocks at 5%, followed by ANB and NADEC shedding 12% and 13%, respectively.

Least Declining Stocks Compared to Feb. 25, 2006
Company	Feb. 25, 2006*	Feb. 25, 2025	Change
Bank Albilad	40.54	38.50	(5%)
ANB	25.43	22.30	(12%)
NADEC	28.74	25.05	(13%)
SABIC AN	138.91	112.00	(19%)
Batic	4.40	3.53	(20%)
Riyad Bank	39.58	29.80	(25%)
SAB	53.11	36.65	(31%)
Allianz SF	25.22	17.22	(32%)
GASCO	154.00	104.20	(32%)
Bahri	46.31	30.65	(34%)
stc	69.90	44.70	(36%)
Tibbiyah	78.42	48.30	(38%)
Saudi Ceramic	49.14	30.25	(38%)
Al Jouf Cement	88.00	53.80	(39%)
Mobily	103.65	62.20	(40%)
Al Akaria	43.13	25.85	(40%)
Makkah Construction	186.29	109.00	(41%)
Arriyadh Development	68.42	34.10	(50%)
SAIB	31.05	14.62	(53%)
Shams	2.08	0.89	(57%)

*Capital changes were taken into account

Anaam Holding led the most declining stocks, plunging 95%, followed by Nama Chemicals, Sinad Holding, and Amiantit dropping 94% each, as follows:

Most Declining Stocks Compared to Feb. 25, 2006
Most declining stocks	Feb. 25, 2006*	Feb. 25, 2025	Change
Anaam Holding	422.59	21.90	(95%)
Nama Chemicals	498.63	29.40	(94%)
Sinad Holding	247.44	13.90	(94%)
Amiantit	413.56	25.45	(94%)
Saudi Cable	1,824.01	123.40	(93%)
SIDC	347.53	29.60	(91%)
Thimar	554.17	47.70	(91%)
GACO	212.34	20.08	(91%)
National Gypsum	199.10	21.50	(89%)
JAZADCO	113.60	13.02	(89%)
Tihama	136.06	16.10	(88%)
Saudi Fisheries	983.22	121.60	(88%)
Tabuk Cement	113.69	14.12	(88%)
Tasnee	76.20	9.62	(87%)
Tabuk Agricultural	107.94	14.64	(86%)
SIECO	17.16	2.41	(86%)
Al Baha	2.29	0.42	(82%)
SPIMACO	166.83	30.85	(82%)
Arabian Cement	136.73	25.50	(81%)
AYYAN	92.64	17.42	(81%)

P/E Ratio

In February 2006, the market P/E ratio exceeded 57x, even after excluding companies that had not started operations (e.g., Yansab, Mobily, and Bank Albilad). The current market P/E stands at 18.15x (after similar exclusions).

In February 2006, 39 companies traded above the market P/E, led by Nama Chemicals at 2,398x, while nine companies had a negative P/E.

Currently, 11 companies (listed since 2006) trade at P/E ratios above 50x, while 21 companies have a negative P/E.

P/E Ratio
Most declining stocks	Feb. 25, 2006		Feb. 25, 2025
Most declining stocks	Stock Price (SAR)	P/E	Stock Price (SAR)	P/E
Nama Chemicals	498.63	2398	29.40	Negative
National Gypsum	199.10	48	21.50	Negative
GACO	212.34	89	20.08	Negative
Anaam Holding	422.59	Negative	21.90	Negative
Amiantit	413.56	Negative	25.45	Negative
Shams	2.08	Negative	0.89	Negative
Saudi Fisheries	983.22	Negative	121.60	Negative
SIDC	347.53	Negative	29.60	Negative
AYYAN	92.64	52	17.42	Negative
Alujain	108.00	2265	34.95	Negative
Zamil Industrial	110.75	62	35.60	Negative
Saudi Ceramic	49.14	59	30.25	Negative
JAZADCO	113.60	82	13.02	Negative
SAPTCO	65.12	65	18.70	Negative
Sinad Holding	247.44	126	13.90	Negative
Tabuk Agricultural	107.94	127	14.64	Negative
Maadaniyah	88.98	141	17.20	Negative
Tihama	136.06	147	16.10	Negative
SARCO	352.05	1483	71.00	Negative
Batic	4.40	153	3.53	Negative
SIECO	17.16	73	2.41	Negative
SASCO	61.45	27	72.80	Above 100
SIIG	84.48	92	18.02	Above 100
SPIMACO	166.83	208	30.85	Above 100
Al Baha	2.29	Negative	0.42	Above 100
Fitaihi Group	10.27	239	4.34	98.37
Tasnee	76.20	139	9.62	71.55
Ash-Sharqiyah	82.32	154	20.74	59.51
Makkah Construction	186.29	200	109.00	57.13
Al Akaria	43.13	86	25.85	52.75
SABIC	243.60	38	65.40	51.89
Wafrah	193.49	Negative	37.35	51.30
SISCO	78.51	496	32.35	49.12
FIPCO	224.76	266	43.05	47.07
Tibbiyah	78.42	86	48.30	38.39
GASCO	154.00	66	104.20	33.79
Arriyadh Development	68.42	197	34.10	26.13
Almarai	26.42	68	58.00	25.07
Saudi Chemical	7.29	56	9.60	24.82
Yanbu Cement	100.54	35	22.86	24.45
Qassim Cement	203.00	65	51.70	23.47
Saudi Electricity	50.80	143	17.00	23.13
Tawuniya	69.31	10	142.20	22.60
Southern Cement	148.50	34	32.05	22.71
Al Jouf Cement	88.00	213	53.80	21.64
Al Rajhi Bank	92.67	66	100.00	20.28
Tabuk Cement	113.69	66	14.12	19.53
stc	69.90	28	44.70	18.45
Yamama Cement	141.77	57	36.20	18.08
NADEC	28.74	108	25.05	18.07
Bank Albilad	40.54	0	38.50	17.15
Zoujaj	122.80	28	52.30	17.03
Mobily	103.65	Negative	62.20	16.97
SADAFCO	111.60	Negative	316.40	16.97
Saudi Cement	101.73	32	42.55	16.07
SABIC Agri-Nutrients	138.91	53	112.00	16.03
Jarir	4.88	33	12.88	15.87
Bank AlJazira	42.72	35	17.96	15.49
Arabian Cement	136.73	41	25.50	15.93
Savola	95.23	67	36.65	14.10
Eastern Cement	167.10	48	34.30	11.72
Bahri	46.31	78	30.65	11.58
Riyad Bank	39.58	51	29.80	9.59
BSF	25.15	28	17.22	9.47
SAIB	28.69	36	14.62	9.34
SAB	53.11	32	36.65	9.33
Arabian Pipes	40.19	78	12.06	9.08
ANB	25.43	28	22.30	8.77
SAIC	131.90	2319	34.95	6.45

In February 2006, the market's price-to-book (P/B) ratio peaked at 11x, a notably high level indicating inflated prices. The market's current P/B ratio stands at 3.42x, marking a 69% decline.

Saudi Electricity had the lowest P/B ratio at 4.58x in February 2006, while Al-Baha had the highest at 109.81x.

As for the companies that were listed in February 2006, Tasnee and Alujain recorded the lowest P/B ratio at nearly 0.7x, while Saudi Fisheries recorded the highest at 12.02x, as follows:

P/B Ratio
Company	Feb. 25, 2006		Feb. 25, 2025
Company	Stock Price (SAR)	P/B Ratio	Stock Price (SAR)	P/B Ratio
Saudi Fisheries	983.22	34.94	121.60	12.02
Jarir	4.88	11.48	12.88	8.86
SASCO	138.91	9.03	112.00	6.05
SADAFCO	61.45	7.97	72.80	5.98
SIDC	347.53	22.91	29.60	5.53
Tawuniya	69.31	4.93	142.20	4.96
Makkah Construction	186.29	17.08	109.00	4.94
Zamil Industrial	110.75	11.31	35.60	4.77
Arabian Pipes	40.19	13.68	12.06	4.65
Batic	4.40	7.30	3.53	4.64
Al Baha	2.29	109.81	0.42	4.11
Al Rajhi Bank	92.67	27.51	100.00	4.02
GASCO	154.00	9.57	104.20	4.01
Saudi Chemical	7.29	8.79	9.60	3.97
SIECO	17.16	17.67	2.41	3.55
Nama Chemicals	498.63	103.92	29.40	3.45
Wafrah	193.49	37.99	37.35	3.44
FIPCO	224.76	34.34	43.05	3.36
AYYAN	92.64	11.02	17.42	3.16
Arriyadh Development	68.42	9.03	34.10	3.14
Tihama	136.06	9.33	16.10	3.10
Almarai	26.42	18.49	58.00	3.09
Saudi Cement	101.73	7.90	42.55	3.08
Bank Albilad	40.54	17.46	38.50	2.88
stc	69.90	10.64	44.70	2.82
SARCO	352.05	10.93	71.00	2.80
Fitaihi Group	10.27	5.29	4.34	2.54
Mobily	103.65	20.15	62.20	2.54
SPIMACO	166.83	9.77	30.85	2.51
SAPTCO	65.12	7.35	18.70	2.47
Anaam Holding	422.59	16.45	21.90	2.44
Maadaniyah	88.98	18.54	17.20	2.38
Zoujaj	122.80	9.52	52.30	2.26
Qassim Cement	203.00	15.38	51.70	2.08
GACO	212.34	13.74	20.08	2.07
Tabuk Agricultural	107.94	14.09	14.64	2.04
Al Akaria	43.13	8.54	25.85	2.02
Shams	2.08	17.50	0.89	2.00
National Gypsum	199.10	17.41	21.50	1.95
Tibbiyah	78.42	9.83	48.30	1.88
SISCO	78.51	14.11	32.35	1.82
NADEC	28.74	7.15	25.05	1.76
SAIC	131.90	79.43	34.95	1.72
Bahri	46.31	13.14	30.65	1.66
Ash-Sharqiyah	82.32	14.30	20.74	1.66
Sinad Holding	111.60	15.90	316.40	1.64
Riyad Bank	39.58	10.90	29.80	1.53
JAZADCO	113.60	13.45	13.02	1.51
Yamama Cement	141.77	18.21	36.20	1.51
Bank AlJazira	42.72	11.34	17.96	1.38
SIIG	84.48	16.34	18.02	1.38
Southern Cement	148.50	10.54	32.05	1.37
Yanbu Cement	100.54	8.15	22.86	1.35
Amiantit	413.56	9.05	25.45	1.29
SAB	53.11	10.63	36.65	1.25
Eastern Cement	167.10	8.48	34.30	1.22
SAIB	28.69	7.31	14.62	1.19
SABIC	243.60	11.72	65.40	1.19
ANB	25.43	8.03	22.30	1.17
BSF	25.15	8.77	17.22	1.12
Arabian Cement	136.73	8.39	25.50	0.99
Tabuk Cement	113.69	12.41	14.12	0.95
Saudi Electricity	50.80	4.58	17.00	0.76
Savola	95.23	27.11	36.65	0.75
Alujain	108.00	10.82	34.95	0.67
Tasnee	76.20	24.66	9.62	0.66

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