Al-Hussan: Tadawul achieved progress towards strategic ‎objectives despite market fluctuations ‎

Khalid Al-Hussan is the CEO of the Saudi Stock Exchange (Tadawul) said that “Tadawul” continued to make tangible progress towards achieving its strategic objectives despite the continuous fluctuations in the market, indicating that the launch of individual stock futures contracts this year, in addition to the continuous improvements to our services and infrastructure, constituted other important steps in Our endeavors to expand the group’s offerings and diversify its product portfolio.

He added that the first public offerings maintained their strong momentum, driven by the growing desire of companies to list in the Saudi Tadawul, which enhances diversification of issuers and increases liquidity and contributes to consolidating the position of the Saudi financial market as a global investment center.

Al-Hussan continued: “In line with our commitment to diversify our offerings, “WAMID” the innovative arm of the Saudi Tadawul Group has signed a non-binding agreement to acquire a 51% stake in DirectFN, and this important step towards implementing the group’s consistent strategy to provide innovative products and services for investors and issuers alike, the acquisition plays an important role in the development of the Saudi capital market by enabling WAMID to provide innovation-based services to clients looking to make data-driven decisions, and paving the way for expansion into regional markets.

Al-Hussan stated that the Tadawul will continue to fulfill its commitment to develop the Saudi financial market, expand in regional markets, open new horizons of innovation and growth opportunities towards financial discipline and diversification, and play a pivotal role in the advancement of the Saudi economy, and in turn will continue to focus on providing services and products that provide added and tangible value for issuers of securities and investors in the market, with the pursuit of long-term growth and support for the diversification of the financial market in the Kingdom.

Today, Sunday, the Saudi Tadawul Group Holding Company announced achieving a net profit after zakat to reach 89.1 million riyals during the third quarter of 2022 AD, a decrease of 22.6% on an annual basis compared to 115.2 million riyals in the same quarter of the previous year.

The operational profit amounted to 92 million riyals during the third quarter, compared to 130 million riyals during the same quarter of the previous year, a decrease of 30%.

As for the total profit, it amounted to 146 million riyals during the third quarter, compared to 179 million riyals during the same quarter of the previous year, a decrease of 18%.

The net profit after zakat and tax during the current period amounted to 376.4 million riyals, compared to 477 million riyals during the same period of the previous year, a decrease of 23%.

Earnings per share during the current period amounted to 3.06 riyals, compared to 3.98 riyals during the same period of the previous year.