Tadawul Group profit falls 30% to SAR 196 mln in H1 2023; Q2 at SAR 105.2 mln

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.

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.

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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