KSA Business: Saudi Tadawul Group net falls YoY by 21.7pc to $37.48m – Gulf Digital News
- Date: 15-May-2022
- Source: Gulf Digital News
- Sector:Economy
- Country:Saudi Arabia
KSA Business: Saudi Tadawul Group net falls YoY by 21.7pc to $37.48m – Gulf Digital News
Saudi Tadawul Group Holding Co, a leading diversified capital markets group in the Mena region, saw its net profit after zakat fall 21.7% YoY from SR179.6 million to SR140.6 million ($37.48 million) in the first quarter of 2022. This is, however, a 27.3% increase from SR110.5 million in Q4 2021.
On the positive side, a record 11 IPOs were listed on the Saudi Exchange in Q1 2022, seven on the Main Market and four on the parallel market (Nomu), with a total offered value of SR13.3 billion as the Saudi Tadawul Group continued to strengthen its position as a global capital markets powerhouse.
Operating revenue decreased 11.6% YoY reaching SR293.9 million in Q1 2022 compared to SR332.4 million in Q1 2021, predominantly due to a decrease in trading and post trade services driven by normalisation of trading volumes which contracted 22.1%.
Increase in trading
Compared to SR257.5 million in in the previous quarter, the operating revenue increased 14.1%, predominantly due to an increase in trading and post trade services driven by a stronger trading environment.
Operating expenditure increased 1.8% YoY reaching SR140.2 million in Q1 2022 compared to SR137.7 million in Q1 2021, due to an increase in salaries and related benefits, the largest cost