Tadawul Group’s H1 2024 profit surges 86% to SAR 365.4M; Q2 at SAR 163.8M

21/07/2024 Argaam Exclusive

Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit of SAR 365.4 million for the six months ended on June 30, 2024, an increase of 86% from SAR 196 million in the year-earlier period. 



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 493.00 741.09 50.3 %
Gross Income 292.04 479.94 64.3 %
Operating Income 164.90 337.95 104.9 %
Net Income 196.01 365.35 86.4 %
Average Shares 120.00 120.00 -
EPS (Riyals) 1.63 3.04 86.4 %

Operating revenue grew 50.3% to SAR 741.1 million in the first half of 2024, compared to SAR 493.0 million a year earlier, on higher revenue from trading services, post-trade services and non-trading linked services.

 

H1 2024 operating expenditures amounted to SAR 403.1 million, compared to SAR 328.1 million a year earlier.

 

The six-month operating profit jumped 104.9% to SAR 337.9 million compared to SAR 164.9 million a year earlier.

 

Q2 2024 net earnings amounted to SAR 163.8 million, rising 56% from SAR 105.2 million in Q2 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 268.71 353.47 31.5 %
Gross Income 169.13 218.19 29.0 %
Operating Income 100.58 145.67 44.8 %
Net Income 105.23 163.83 55.7 %
Average Shares 120.00 120.00 -
EPS (Riyals) 0.88 1.37 55.7 %

Operating revenue amounted to SAR 353.5 million in Q2 2024, compared to SAR 268.7 million in Q2 2023, an increase of 31.6%, on higher revenue from trading services, post-trade services, and non-trading linked services. Additionally, operating expenditures amounted to SAR 207.8 million in Q2 2024, compared to SAR 168.1 million in Q2 2023, an increase of 23.6%.  Gross profit rose 29.0% to SAR 218.2 million in Q2 2024, compared to SAR 169.1 million in Q2 2023.

 

On a sequential basis, net profit declined 18.7% from SAR 201.5 million in Q1 2024.

 

Total shareholders’ equity, after minority interest, reached SAR 3.23 billion by June 30, 2024, compared to SAR 2.92 billion in the prior-year period.

 

Attached Documents:

 

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Share Price

Saudi Tadawul Group Holding Co.
222.20
(2.60) (1.16 %)

Saudi Tadawul Group Holding Co. (TADAWUL GROUP)

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Financial Ratios
Current
Market Cap (M Riyal) 26,664.00
Enterprise Value (EV) (M) 23,433.21
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) 44.63
P/E (TTM) 44.63
Price/book 7.92
Return on Average Assets (%) (TTM) 7.0
Return on Average Equity (%) (TTM) 18.5
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %)
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 %)
Q1 2023 224.29 (23.7 %) 122.92 (41.2 %) 64.31 (58.3 %)
Q2 2023 268.71 (10.3 %) 169.13 (15.1 %) 100.58 (28.1 %)
Q3 2023 297.72 12.9 % 170.74 6.4 % 97.00 (1.3 %)
Q4 2023 282.06 21.1 % 144.06 7.7 % 66.48 23.6 %
Q1 2024 387.63 72.8 % 261.75 112.9 % 192.28 199.0 %
Q2 2024 353.47 31.5 % 218.19 29.0 % 145.67 44.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 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
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
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
Q1 2023 90.78 (35.4 %) 0.76 20.89 69.89 0.58
Q2 2023 105.23 (23.6 %) 0.88 - 105.23 0.88
Q3 2023 102.28 14.8 % 0.85 - 102.28 0.85
Q4 2023 91.77 60.5 % 0.76 - 91.77 0.76
Q1 2024 201.52 122.0 % 1.68 - 201.52 1.68
Q2 2024 163.83 55.7 % 1.37 - 163.83 1.37

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 69.88 % 52.51 % 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 %
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 %
Q1 2023 60.41 % 41.58 % 34.67 %
Q2 2023 59.25 % 38.98 % 32.48 %
Q3 2023 58.28 % 37.90 % 32.69 %
Q4 2023 56.57 % 37.58 % 34.41 %
Q1 2024 60.32 % 42.97 % 40.51 %
Q2 2024 60.17 % 43.98 % 42.35 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2023 120.00 2.85 2.68 24.84
Q3 2023 120.00 2.96 2.79 25.66
Q4 2023 120.00 3.25 3.08 26.31
Q1 2024 120.00 4.17 4.17 27.72
Q2 2024 120.00 4.66 4.66 26.94

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2023 65.98 70.26 7.58
Q3 2023 65.15 69.22 7.52
Q4 2023 57.47 60.72 7.10
Q1 2024 64.27 64.27 9.67
Q2 2024 52.68 52.68 9.12

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
Q2 2023 141.24 82.66 44.81
Q3 2023 155.90 91.57 50.24
Q4 2023 155.16 88.95 37.95
Q1 2024 207.05 133.54 47.04
Q2 2024 194.98 108.48 50.01

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 153.25 163.83 6.90 %

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
Al Rajhi Capital 164.00 163.83 (0.1) %
GIB Capital 156.00 163.83 5.0 %
Goldman Sachs 150.00 163.83 9.2 %
SNB Capital 143.00 163.83 14.6 %

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