Tadawul Group 2022 profit falls 28% to SAR 424.6 mln, Q4 at SAR 57.2 mln

26/02/2023 Argaam Exclusive

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Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit after Zakat and tax of SAR 424.6 million in 2022, a decline of 28% from SAR 587.7 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	1,166.08	1,090.20	(6.5 %)
Gross Income	834.29	702.47	(15.8 %)
Operating Income	613.57	445.88	(27.3 %)
Net Income	587.69	424.60	(27.8 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	4.90	3.54	(27.8 %)

Operating expenses increased 16.6% year-on-year (YoY) to SAR 644.3 million in 2022, due to a rise in salaries and the related benefits, the group said.

Operating revenue declined 8.1% YoY to SAR 1.07 billion.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased 26.9% YoY to SAR 490.3 million, due to lower operating revenue. In addition, gross profit decreased 18% YoY to SAR 683.7 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	257.54	232.87	(9.6 %)
Gross Income	184.53	133.81	(27.5 %)
Operating Income	110.57	53.77	(51.4 %)
Net Income	110.46	57.18	(48.2 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.92	0.48	(48.2 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	263.72	232.87	(11.7 %)
Gross Income	160.53	133.81	(16.6 %)
Operating Income	98.27	53.77	(45.3 %)
Net Income	89.12	57.18	(35.8 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.74	0.48	(35.8 %)

The group’s net profit after Zakat and tax slumped 48% YoY to SAR 57.2 million in Q4 2022.

On a sequential basis, Q4 2022 net profit dropped 35.8% from SAR 89.12 million.

Shareholders' equity, no minority interest, at the end of the period amounted to SAR 3.17 billion, compared to SAR 3.09 billion as of Dec. 31, 2021.

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