Tadawul Group’s profits increased to 163.8 million riyals in Q2, by 55.7%

The net profit of the Saudi Tadawul Group Company reached 163.8 million riyals during the second quarter of 2024, compared to 105.2 million riyals in the same quarter of last year, an increase of 55.7%. This came after today’s announcement of the financial results for June 30, 2024 (six months).

Operating profit reached 145.7 million riyals in the second quarter, compared to 100.6 million riyals in the same quarter of the previous year, an increase of 45%.

Earnings per share in the current period reached 3.04 riyals, compared to 1.63 riyals in the same period last year.

According to the company, the group achieved operating revenues amounting to 353.5 million Saudi riyals during the second quarter of the year 2024, compared to 268.7 million Saudi riyals in the same quarter of the previous year, representing an increase of 31.6%.

It explained that the reason for the increase in operating revenues during the second quarter of the year 2024 compared to the same quarter of the previous year is due to the increase in revenues from trading and post-trading services, as a result of an increase in trading values ​​by 37.7%, in addition to an increase in revenues from services not related to trading by 26.3%.

The group also achieved a net profit after zakat of 163.8 million Saudi riyals in the second quarter of the year 2024 AD, compared to 105.2 million Saudi riyals in the same quarter of the previous year, which represents an increase of 55.7%. The reasons for the increase in net profit for the second quarter of the year 2024 AD compared to In the same quarter of the previous year, the following:

Operating revenues amounted to 353.5 million Saudi riyals in the second quarter of the year 2024, compared to 268.7 million Saudi riyals in the same quarter of the previous year, which represents an increase of 31.6%. The reason for the increase in operating revenues during the second quarter of the year 2024 compared to the same quarter of The previous year, revenues from trading and post-trading services increased, as a result of an increase in trading values ​​by 37.7%, in addition to an increase in revenues from services not related to trading by 26.3%.

While operating expenses amounted to 207.8 million Saudi riyals in the second quarter of the year 2024, compared to 168.1 million Saudi riyals in the same quarter of the previous year, representing an increase of 23.6%. The increase in operating expenses during the second quarter of the year 2024, compared to the same quarter of the previous year, is mainly due to the impact of the increase in costs associated with Mubasher Financial Network Company, compared to a smaller impact in the same quarter of the previous year, after the acquisition of a 51% stake on May 7, 2023. In addition to higher manpower costs driven by the increase in employee numbers according to the group’s growth plan, higher system maintenance costs, and increased depreciation and amortization costs.

Earnings per share reached 1.37 Saudi riyals in the second quarter of 2024, compared to 0.88 Saudi riyals in the same quarter of the previous year, representing an increase of 55.7%.

Total profit reached 218.2 million Saudi riyals in the second quarter of 2024, compared to 169.1 million Saudi riyals in the same quarter of the previous year, representing an increase of 29.0%.

While operating profit reached 145.7 million Saudi riyals in the second quarter of the year 2024, compared to 100.6 million Saudi riyals in the same quarter of the previous year, which represents an increase of 44.8%.