Business

Saudi stock exchange Tadawul reports 17% profit hike in 1st post-listing results


Sun, 2022-03-06 09:03

RIYADH: Saudi stock exchange Tadawul Group reported a 17-percent increase in annual profit to SR587 million ($157 million) in its first post-listing earnings announcement, according to a bourse filing.

Tadawul, which owns and operates the Kingdom’s bourse, reached SR587 million ($157 million) in net profit, up from SR500 million a year earlier, according to a bourse filing.

This came in line with an 8-percent rise in revenue to SR1.17 billion during the year due to “solid growth in trading services, post-trade services, and listing fees on the back of strong Saudi capital market performance in 2021.”

With strong earnings, the company’s board proposed an annual dividend payout of SR3 per share.

“Through its subsidiaries, Saudi Tadawul Group continued to contribute to developing and diversifying the Saudi capital markets and diversify its instruments, with the new listings reflecting an increase by 7.5 percent in average daily traded value in 2021,” said CEO Khalid Al-Hussan, commenting on the results.

The group, which joined the Saudi Exchange last December, attracted orders worth $1 billion from its initial public offering.

“The group’s successful IPO and listing in December 2021, is a milestone to scale up our integrated and diverse business model and deliver further value for our shareholders,” Al-Hussan noted.

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