Tadawul Group profit falls 30% to SAR 196 mln in H1 2023; Q2 at SAR 105.2 mln

23/07/2023 Argaam Exclusive

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Saudi Tadawul Group Holding Co. (Tadawul Group) reported a drop of 30% in H1 2023 net profit to SAR 196 million from SAR 278.3 million in the year-ago period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	593.61	493.00	(16.9 %)
Gross Income	408.13	292.04	(28.4 %)
Operating Income	293.85	164.90	(43.9 %)
Net Income	278.30	196.01	(29.6 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	2.32	1.63	(29.6 %)

The group’s operating revenue decreased by 21.8% year-on-year (YoY) to SAR 463.3 million in the six-month period due to lower trading and post-trade revenues.

Operating expenditures (OPEX) increased 9.5% YoY to SAR 328.1 million following a rise in salaries and related benefits, along with the consolidation of Direct Financial Network Co.’s financials effective from May 7, 2023, following Tadawul Group’s acquisition of a 51% stake in the latter.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped by 46.9% YoY to SAR 171.2 million. Meanwhile, gross profit also dipped 35.5% YoY to SAR 262.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	299.66	268.71	(10.3 %)
Gross Income	199.29	169.13	(15.1 %)
Operating Income	139.83	100.58	(28.1 %)
Net Income	137.67	105.23	(23.6 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.15	0.88	(23.6 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	224.29	268.71	19.8 %
Gross Income	122.92	169.13	37.6 %
Operating Income	64.31	100.58	56.4 %
Net Income	90.78	105.23	15.9 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.76	0.88	15.9 %

In the second quarter, the net profit stood at SAR 105.2 million, down 23.6% from SAR 137.67 million in Q2 2022.

On a quarterly basis, the Q2 net profit rose by 15.9% from SAR 90.78 million.

Total shareholders’ equity, no minority interest, declined to SAR 2.92 billion as of June 30, 2023, from SAR 3.01 billion a year earlier.

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