Saudi Tadawul H1 net profit drops 29.6pc y-o-y to $52.3m
RIYADH
SHARE
Eng Khalid Al-Hussan
Saudi Tadawul Group Holding Co, a leading diversified capital markets group in the Mena region, has seen its first-half (H1) attributable net profit after zakat drop 29.6% to SR196 million ($52.3 million) from SR278.3 million in H1 2022.
The Group’s operating revenue fell to SR463.3 million from SR592.1 million in H1 2022.
Gross profit was SR262.3 million compared to SR406.6 million in H1 2022 and EBITDA was SR171.2 million against SR322.6 million in H1 2022.
Meanwhile, for H1, operating expenditures were up at SR328.1 compared to SR299.8 in H1 2022.
Earnings Per Share (EPS) was SR1.63 compared to(SR2.32 in H1 2022.
Total assets rose 2.9% to SR7.753 billion, total liabilities rose 5.4% to SR4.77 billion.
Market capitalisation
The market capitalisation of the Main Market & Nomu - Parallel Market is SR10,967.4 billion.
Total listings including Main Market, Nomu -Parallel Market were 290.
Eng Khalid Al-Hussan, CEO, Saudi Tadawul Group, said: “During the first half of 2023, Saudi Tadawul Group continued to enhance the capital market in Saudi Arabia, building a sophisticated infrastructure for domestic and international investors. We introduced enhancements for members and potential issuers, in line with our long-term strategic goals.
“In the second quarter, the Group, through its subsidiary Wamid, also achieved a significant milestone by completing the acquisition of a 51% stake in DirectFN. This acquisition will diversify our revenues and strengthen our technology platform in line with the Group’s growth strategy and underpins our ambition to become a global investment hub.
Market attractive
“The attractiveness of the Saudi Capital Market remains strong, reinforced by our growing range of products and services and a healthy pipeline of companies seeking to list. We remain focused on delivering growth for the market, our members and our shareholders.”
Operational highlights
*STG announced the completion of the acquisition of (51%) shares in DirectFN by its subsidiary Wamid.
*A new growth strategy, seeking to accelerate STG’s position as a global financial hub and diversify revenue streams.
*Successful implementation of a bundle of market enhancements, contributing to the ongoing development of the Saudi capital market as a sophisticated investment destination.
*Muqassa’s introduction of the acceptance of Non-Cash Collateral for Cash Markets.
*Edaa’s Memorandum of Understanding with the Central Securities Depository of Türkiye (MKK) to explore opportunities for cooperation and integrate best practices.
Four subsidiaries
Saudi Tadawul Group Holding has a portfolio of four wholly owned integrated subsidiaries: the Saudi Exchange, one of the largest stock exchanges in the world by market capitalisation, the Securities Depository Centre Company (Edaa), the Securities Clearing Center Company (Muqassa) and Tadawul Advanced Solutions Company (Wamid), an innovative technology solutions company.
In addition, the Group owns a 33.12% stake in Tadawul Real Estate Company (TREC), a company operating in the field of real estate management and development, and 20% stake in the Regional Voluntary Carbon Market Company, which offer guidance and resourcing to support businesses and industries in the region as they play their part in the global transition to net zero, ensuring that carbon credit purchases go above and beyond meaningful emission reductions in value chains.-- TradeArabia News Service
