Logo of Capital Market Authority (CMA)
The Capital Market Authority (CMA) posted SAR 1.21 billion in revenue for 2023, a fall of nearly 10% year-on-year (YoY), the Saudi market regulator’s annual report showed.
Actual expenses rose 5% YoY to SAR 873.1 million last year.
The following table shows CMA’s financial performance in 2023:
|
CMA’s Financial Performance (SAR mln) |
||||
|
Item |
2022 |
2023 |
Change in Value |
Change (%) |
|
Revenue |
1340.2 |
1212.6 |
(127.6) |
(9.5%) |
|
Actual expenses |
830.9 |
873.1 |
+42.2 |
+5% |
The CMA posted a surplus of SAR 339.4 million, as shown in the following table:
|
Surplus (SAR mln) |
|||
|
Item |
Expenses |
Revenue |
Surplus |
|
Surplus from core operations |
873.1 |
1212.6 |
+339.4 |
The market regulator generated SAR 805 million in revenue from stock trading commissions, down 31% YoY, making nearly 66% of total revenue.
Revenue from trading services and activities increased to SAR 160.5 million. Similarly, revenue recorded from market violation fines and penalties rose 42% YoY.
|
Revenue Details (SAR mln) |
|||
|
Item |
2022 |
2023 |
Change (%) |
|
Stock trading commissions |
1052.6 |
804.8 |
(31%) |
|
Trading services and CMA activities |
158.8 |
160.5 |
+1% |
|
Violations of rules and executive regulations |
48.0 |
68.3 |
+42% |
|
Deposit returns |
75.6 |
179.0 |
+136.8% |
|
Total |
1340.2 |
1212.6 |
(127.6) |
The CMA’s employee expenses reached SAR 613.4 million, accounting for 70% of total spending last year.
The regulator has 784 employees, a rise of seven employees compared to 2022.
|
Expenses Details (SAR mln) |
|||
|
Item |
2022 |
2023 |
Change (%) |
|
Staff salaries and benefits |
566.0 |
613.4 |
+8.4% |
|
General and administrative expenses |
160.7 |
170.4 |
+6% |
|
Depreciation and amortization |
25.4 |
20.4 |
(20%) |
|
Professional services and consultancies |
30.4 |
18.7 |
(38%) |
|
Staff training and scholarships |
48.3 |
52.2 |
+8% |
|
Total |
830.9 |
873.1 |
+5% |
Founded in 2003, the CMA is a government organization with full financial, legal, and administrative independence, and is directly subject to the prime minister. Its fiscal year starts on January 1 and ends on December 31 of each year.
The financial resources of CMA comprise fees of services, as well as commissions charged, fees for using its facilities, returns on its funds and proceeds of the assets’ sale, fines and financial penalties imposed on market violators, government funds to CMA, and any other resources determined by the board including (registration, listing or trading of securities, brokerages’ licensing and investment funds’ registration).
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