Tadawul Group 9M 2022 profit drops 23% to SAR 367.4 mln; Q3 at SAR 89.1 mln

30/10/2022 Argaam Exclusive

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Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit after Zakat and tax of SAR 367.4 million for the first nine months of 2022, a fall of 23% from SAR 477.2 million in the year-earlier period, as operating revenue decreased by 6.5% year-on-year (YoY) to SAR 849.2 million.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	908.54	857.33	(5.6 %)
Gross Income	649.77	568.66	(12.5 %)
Operating Income	503.01	392.12	(22.0 %)
Net Income	477.23	367.42	(23.0 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	3.98	3.06	(23.0 %)

Operating expenses (OPEX) increased by 14.7% YoY to SAR 465.2 million in the nine-month period. Earnings before interest, tax, depreciation and amortization (EBITDA) declined by 21.6% YoY to SAR 428.7 million. Gross profit dropped 15.5% YoY to SAR 548.9 million.

The third-quarter net profit after Zakat and tax fell by 23% to SAR 89.1 million from SAR 115.19 million in Q3 2021, as operating revenue went down 2.1% YoY to SAR 257.2 million. OPEX increased 25% YoY to SAR 165.5 million. EBITDA dropped 27.1% on an annual basis to reach SAR 106 million. Gross profit also levelled down 18.3% YoY to SAR 145.9 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	262.64	263.72	0.4 %
Gross Income	178.48	160.53	(10.1 %)
Operating Income	130.30	98.27	(24.6 %)
Net Income	115.19	89.12	(22.6 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.96	0.74	(22.6 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	299.66	263.72	(12.0 %)
Gross Income	199.29	160.53	(19.5 %)
Operating Income	139.83	98.27	(29.7 %)
Net Income	137.67	89.12	(35.3 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.15	0.74	(35.3 %)

Compared to the previous quarter, net profit dipped 35.3% from SAR 137.67 million.

Shareholders’ equity, after minority interest, stood at SAR 3.099 billion as of Sept. 30, 2022, compared to SAR 2.991 billion a year earlier.

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