In an announcement, Tadawul Group Holding Co. has released its interim financial results for the quarter ending on March 31, 2024, showcasing significant growth across all financial metrics.
The company reported a 72.804% increase in sales/revenue, jumping from SAR 224.3 million in the same quarter of the previous year to SAR 387.6 million. This also represents a 37.398% growth over the previous quarter’s revenue of SAR 282.1 million.
The increase in the operating revenues during Q1 2024 compared to Q1 2023, is attributed to the increase in trading services and post-trade services revenues, as result of a 113.3% increase in trading values, along with an increase in data and technology services revenues by 49.5%.
The Group achieved a net profit after zakat of SAR 201.5 million in Q1 2024, compared to SAR 90.8 million in Q1 2023, representing an increase of 121.9%. The reasons for the increase in net profit for Q1 2024 compared to Q1 2023 include:
Operating revenues amounted to SAR 387.6 million in Q1 2024, compared to SAR 224.3 million in Q1 2023, representing an increase of 72.8%. The increase in operating revenues during Q1 2024 compared to Q1 2023, is attributed to the increase in trading services and post-trade services revenues, as result of a 113.3% increase in trading values, along with an increase in data and technology services revenues by 49.5%.
Operating expenditures amounted to SAR 195.4 million in Q1 2024, compared to SAR 160.0 million in Q1 2023, representing an increase of 22.1%. The increase in operating expenditures during Q1 2024, compared to Q1 2023, 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 1.68 in Q1 2024, compared to SAR 0.76 in Q1 2023, representing an increase of 121.9%.
The gross profit amounted to SAR 261.7 million in Q1 2024, compared to SAR 122.9 million in Q1 2023, representing an increase of 112.9%.
The operational profit amounted to SAR 192.3 million in Q1 2024, compared to SAR 64.3 million in Q1 2023, representing an increase of 199.0%.
Tadawul,operator of Saudi share market, reports 8.1% drop in net profit for 2023