Tadawul Group H1 2022 profit falls 23% to SAR 278.3 mln; Q2 down to SAR 137.7 mln

14/08/2022 Argaam Exclusive

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Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit after Zakat and tax of SAR 278.3 million for the first half of 2022, a decrease of 23% from SAR 362 million in the year-ago period, as operating revenue fell 8.3% year-on-year (YoY) to SAR 592.1 million.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	645.91	593.61	(8.1 %)
Gross Income	471.29	408.13	(13.4 %)
Operating Income	371.84	293.85	(21.0 %)
Net Income	362.04	278.30	(23.1 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	3.02	2.32	(23.1 %)

In addition, operating expenditures increased 9.8% YoY, EBITDA fell 19.7% YoY, and gross profit declined 14.5% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	313.54	299.66	(4.4 %)
Gross Income	231.19	199.29	(13.8 %)
Operating Income	175.87	139.83	(20.5 %)
Net Income	181.07	137.67	(24.0 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.51	1.15	(24.0 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	293.99	299.66	1.9 %
Gross Income	208.88	199.29	(4.6 %)
Operating Income	154.25	139.83	(9.4 %)
Net Income	140.64	137.67	(2.1 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.17	1.15	(2.1 %)

The net profit slumped 24% YoY to SAR 137.7 million in Q2 2022 as operating revenue decreased and operating expenditures rose.

Compared to the previous quarter, the net profit slipped 2.1% from SAR 140.64 million.

Shareholders’ equity, after minority interest, stood at SAR 3.01 billion as of June 30, 2022, compared to SAR 2.876 billion a year earlier.

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