Saudi Tadawul announces 56 per cent rise in profits

Dubai: Saudi Tadawul Group, the operator of Saudi Arabia’s stock exchange, announces an increase in second-quarter earnings driven by heightened trading activity.

During April to June this year, net profit after zakat, the obligatory charity donation, surged to $44 million (Dh161.6 million), marking a 56 per cent rise from $27.9 million (Dh102.2 million) in the same period last year.

Operating revenues also saw growth, reaching $94.3 million (Dh346 million), up 32 per cent year-on-year, bolstered by increased trading and post-trade services revenues.

Trading value increased by 38 per cent, while revenues from non-trading linked services grew by 26 per cent.

Operating expenditures climbed to $55.4 million (Dh203 million), up 24 per cent, primarily due to costs associated with acquiring a 51 per cent stake in Direct Financial Network Company, higher workforce expenses, and increased depreciation and amortisation costs.

For the first half of 2024, net profit totalled $97.3 million (Dh357 million), an 86 per cent surge compared to $52 million (Dh190 million) in the first half of the previous year. Operating revenue for the six-month period reached $197 million (Dh723 million), a 50 per cent increase year-on-year.