Tadawul Group 2023 profit falls 8% to SAR 390.1M, Q4 at SAR 91.8M

10/03/2024 Argaam Exclusive

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Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit of SAR 390.1 million in 2023, a decline of 8% from SAR 424.6 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,090.20	1,072.78	(1.6 %)
Gross Income	702.47	606.84	(13.6 %)
Operating Income	445.88	328.33	(26.4 %)
Net Income	424.60	390.06	(8.1 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	3.54	3.25	(8.1 %)

Operating revenue declined 1.6% year-on-year (YoY) to SAR 1.07 billion in 2023 due to lower trading and post-trade revenues, as result of a 22.4% YoY decrease in trading values. This was partly offset by a 64.2% YoY increase in data and technology services revenue.

Operating expenditures (OpEx) rose 15.5% YoY to SAR 744.5 million in 2023, following the consolidation of Direct Financial Network Co.’s financials, effective May 7, 2023, after the acquisition of a 51% stake. In addition, the group noted a rise in workforce cost and increased costs in systems maintenance.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	232.87	282.06	21.1 %
Gross Income	133.81	144.06	7.7 %
Operating Income	53.77	66.48	23.6 %
Net Income	57.18	91.77	60.5 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.48	0.76	60.5 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	297.72	282.06	(5.3 %)
Gross Income	170.74	144.06	(15.6 %)
Operating Income	97.00	66.48	(31.5 %)
Net Income	102.28	91.77	(10.3 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.85	0.76	(10.3 %)

The group’s net profit surged 61% YoY to SAR 91.8 million in Q4 2023.

On a sequential basis, Q4 net profit fell 10.2% from SAR 102.28 million.

Shareholders' equity, no minority interest, at the end of the period amounted to SAR 3.12 billion, compared to SAR 3.17 billion as of Dec. 31, 2022.

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