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Saudi Tadawul Group Holding Co. announces its interim financial results for the period ending on 30-06-2024 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 353.5 | 268.7 | 31.559 | 387.6 | -8.797 |
| Gross Profit (Loss) | 218.2 | 169.1 | 29.036 | 261.7 | -16.622 |
| Operational Profit (Loss) | 145.7 | 100.6 | 44.831 | 192.3 | -24.232 |
| Net profit (Loss) | 163.8 | 105.2 | 55.703 | 201.5 | -18.709 |
| Total Comprehensive Income | 161.2 | 105.2 | 53.231 | 201.4 | -19.96 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 741.1 | 493 | 50.324 |
| Gross Profit (Loss) | 479.9 | 292 | 64.349 |
| Operational Profit (Loss) | 337.9 | 164.9 | 104.912 |
| Net profit (Loss) | 365.4 | 196 | 86.428 |
| Total Comprehensive Income | 362.6 | 196 | 85 |
| Total Shareholders Equity (after Deducting Minority Equity) | 3,233.1 | 2,983.3 | 8.373 |
| Profit (Loss) per Share | 3.04 | 1.63 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Saudi Tadawul Group Holding Co. (the Group) achieved operating revenues of SAR 353.5 million in Q2 2024, compared to SAR 268.7 million in Q2 2023, representing an increase of 31.6%. The increase in the operating revenues during Q2 2024 compared to Q2 2023, is attributed to the increase in trading services and post-trade services revenues, as result of a 37.7% increase in trading values, in addition to a 26.3% increase in revenues from non-trading linked services. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The Group achieved a net profit after zakat of SAR 163.8 million in Q2 2024, compared to SAR 105.2 million in Q2 2023, representing an increase of 55.7%. The reasons for the increase in net profit for Q2 2024 compared to Q2 2023 include: - Operating revenues amounted to SAR 353.5 million in Q2 2024, compared to SAR 268.7 million in Q2 2023, representing an increase of 31.6%. The increase in the operating revenues during Q2 2024 compared to Q2 2023, is attributed to the increase in trading services and post-trade services revenues, as result of a 37.7% increase in trading values, in addition to a 26.3% increase in revenues from non-trading linked services. - Operating expenditures amounted to SAR 207.8 million in Q2 2024, compared to SAR 168.1 million in Q2 2023, representing an increase of 23.6%. The increase in operating expenditures during Q2 2024, compared to Q2 2023, is primarily attributed to the effect of the cost increase related to Direct Financial Network Company compared to a minimal effect in Q2 2023 following the acquisition of a 51% stake on May 7th, 2023, along with the rise in workforce cost due to an increase in headcount as per the Group’s growth plan, as well as increased costs in systems maintenance, and higher depreciation & amortization costs. The earnings per share amounted to SAR 1.37 in Q2 2024, compared to SAR 0.88 in Q2 2023, representing an increase of 55.7%. The gross profit amounted to SAR 218.2 million in Q2 2024, compared to SAR 169.1 million in Q2 2023, representing an increase of 29.0%. The operational profit amounted to SAR 145.7 million in Q2 2024, compared to SAR 100.6 million in Q2 2023, representing an increase of 44.8%. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The Group’s operating revenues amounted to SAR 353.5 million in Q2 2024, compared to SAR 387.6 million in Q1 2024, representing a decrease of 8.8%. The decrease in operating revenues during Q2 2024 compared to Q1 2024, is attributed to the decrease in trading services and post-trade services revenues, as result of a 22.3% decrease in trading values. This was partially mitigated by an 11.9% increase in revenues from non-trading linked services. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The Group’s net profit after zakat amounted to SAR 163.8 million in Q2 2024, compared to SAR 201.5 million in Q1 2024, representing a decrease of 18.7%. The reasons for the decrease in net profit for Q2 2024 compared to Q1 2024 include: - Operating revenues amounted to SAR 353.5 million in Q2 2024, compared to SAR 387.6 million in Q1 2024, representing a decrease of 8.8%. The decrease in operating revenues during Q2 2024 compared to Q1 2024, is attributed to the decrease in trading services and post-trade services revenues, as result of a 22.3% decrease in trading values. This was partially mitigated by an 11.9% increase in revenues from non-trading linked services. - Operating expenditures amounted to SAR 207.8 million in Q2 2024, compared to SAR 195.4 million in Q1 2024, representing an increase of 6.4%. The increase in operating expenditures during Q2 2024, compared to Q1 2024, is primarily attributed to higher costs from Direct Financial Network company, along with higher depreciation & amortization costs. The earnings per share amounted to SAR 1.37 in Q2 2024, compared to SAR 1.68 in Q1 2024, representing a decrease of 18.7%. The gross profit amounted to SAR 218.2 million in Q2 2024, compared to SAR 261.7 million in Q1 2024, representing a decrease of 16.6%. The operational profit amounted to SAR 145.7 million in Q2 2024, compared to SAR 192.3 million in Q1 2024, representing a decrease of 24.2%. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The Group achieved operating revenues of SAR 741.1 million in the first half of 2024, compared to SAR 493.0 million for the similar period of the previous year, representing an increase of 50.3%. - The increase in the operating revenues during the first half of 2024 compared to the similar period of the previous year, is attributed to the increase in trading services and post-trade services revenues, as result of a 72.0% increase in trading values, in addition to a 30.2% increase in revenues from non-trading linked services. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The Group achieved a net profit after zakat of SAR 365.4 million in the first half of 2024, compared to SAR 196.0 million for the similar period of the previous year, representing an increase of 86.4%. The reasons for the increase in net profit for the first half of 2024 compared to the similar period of the previous year include: - Operating revenues amounted to SAR 741.1 million in the first half of 2024, compared to SAR 493.0 million for the similar period of the previous year, representing an increase of 50.3%. The increase in the operating revenues during the first half of 2024 compared to the similar period of the previous year, is attributed to the increase in trading services and post-trade services revenues, as result of a 72.0% increase in trading values, in addition to a 30.2% increase in revenues from non-trading linked services. - Operating expenditures amounted to SAR 403.1 million in the first half of 2024, compared to SAR 328.1 million for the similar period of the previous year, representing an increase of 22.9%. The increase in operating expenditures during the first half of 2024, compared to the similar period of the previous year, is primarily attributed to the consolidation of Direct Financial Network company financials, effective from May 7th, 2023, following the acquisition of 51% stake, along with the rise in workforce cost due to an increase in headcount as per the Group’s plan, and the increased costs in systems maintenance. The earnings per share amounted to SAR 3.04 in the first half of 2024, compared to SAR 1.63 for the similar period of the previous year, representing an increase of 86.4%. The gross profit amounted to SAR 479.9 million in the first half of 2024, compared to SAR 292.0 million for the similar period of the previous year, representing an increase of 64.3%. The operational profit amounted to SAR 337.9 million in the first half of 2024, compared to SAR 164.9 million for the similar period of the previous year, representing an increase of 104.9%. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the current period presentation. |
| Additional Information | The total comprehensive income amounted to SAR 161.2 million in Q2 2024, compared to SAR 105.2 million in Q2 2023, representing an increase of 53.2%. The total shareholders' equity (after deducting the minority equity) amounted to SAR 3,233.1 million in Q2 2024, compared to SAR 2,983.3 million in Q2 2023, representing an increase of 8.4%. The Group is organized into business segments based on the services provided. The reportable revenues segments of the Group are as follows: - Capital Markets Segment: Revenues in the Capital Markets segment increased by 31.2% compared to Q2 2023, reaching SAR 108.5 million in Q2 2024. This increase was primarily driven by a 37.7% increase in trading values. - Data and Technology Services Segment: Revenues in the data and technology services segment increased by 11.6% compared to Q2 2023, reaching SAR 50.0 million in Q2 2024. This growth was primarily driven by an increase in co-location services revenues and the revenue contribution from the Direct Financial Network Company. - Post-Trade Segment: Revenues in the Post-trade segment increased by 38.0% compared to Q2 2023, reaching SAR 195.0 million in Q2 2024. This increase was primarily driven by a 37.7% increase in trading values. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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