Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit of SAR 390.1 million in 2023, a decline of 8% from SAR 424.6 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,090.20 | 1,072.78 | (1.6 %) |
| Gross Income | 702.47 | 606.84 | (13.6 %) |
| Operating Income | 445.88 | 328.33 | (26.4 %) |
| Net Income | 424.60 | 390.06 | (8.1 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 3.54 | 3.25 | (8.1 %) |
Operating revenue declined 1.6% year-on-year (YoY) to SAR 1.07 billion in 2023 due to lower trading and post-trade revenues, as result of a 22.4% YoY decrease in trading values. This was partly offset by a 64.2% YoY increase in data and technology services revenue.
Operating expenditures (OpEx) rose 15.5% YoY to SAR 744.5 million in 2023, following the consolidation of Direct Financial Network Co.’s financials, effective May 7, 2023, after the acquisition of a 51% stake. In addition, the group noted a rise in workforce cost and increased costs in systems maintenance.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 232.87 | 282.06 | 21.1 % |
| Gross Income | 133.81 | 144.06 | 7.7 % |
| Operating Income | 53.77 | 66.48 | 23.6 % |
| Net Income | 57.18 | 91.77 | 60.5 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.48 | 0.76 | 60.5 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 297.72 | 282.06 | (5.3 %) |
| Gross Income | 170.74 | 144.06 | (15.6 %) |
| Operating Income | 96.95 | 66.48 | (31.4 %) |
| Net Income | 102.28 | 91.77 | (10.3 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.85 | 0.76 | (10.3 %) |
The group’s net profit surged 61% YoY to SAR 91.8 million in Q4 2023.
On a sequential basis, Q4 net profit fell 10.2% from SAR 102.28 million.
Shareholders' equity, no minority interest, at the end of the period amounted to SAR 3.12 billion, compared to SAR 3.17 billion as of Dec. 31, 2022.
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