HomeMarketsSaudi Tadawul reports 24% decline in profit on higher expenses
By Economy Middle East
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August 15, 2022 2:11 pm

Saudi Tadawul reports 24% decline in profit on higher expenses

Its market value reached about $2.8 trillion in 2021
Tadawul
An investor walks at Tadawul

Saudi Tadawul Group, the bourse’s owner and operator, on Sunday reported an almost 24 percent decline in second-quarter profit as expenses, including salaries, rose.

According to a statement issued by the company, its net profit after zakat for the quarter ended June 30 fell to 137.7 million riyals ($36.68 million) from 181.1 million riyals in the year-earlier period. 

Operating revenues for the second quarter fell 4.9 percent year on year to 298.1 million riyals due to a drop in trading services and listing fees.

The group said operating expenditures increased 16.6 percent year on year to 160.6 million riyals in the quarter mainly because of an increase in salaries and related benefits, the largest cost item. 

Tadawul is one of the top ten global stock markets. Upon listing on 8 December 2021, it registered a market capitalization of approximately $2.8 trillion. After the Dubai Financial Market and the Kuwait Stock Exchange, Tadawul became the third publicly traded regional stock exchange in the region.