Riyadh – Mubasher: Saudi Tadawul Group Holding Company recorded net profits after Zakat worth SAR 505.70 million ($134.90 million) in the first nine months (9M) of 2024, signalling a 69.52% year-on-year (YoY) growth from SAR 298.30 million.
The earnings per share (EPS) increased to SAR 4.21 ($1.12) in 9M-24 from SAR 2.49 in 9M-23, according to the income statements.
Operating revenues soared by 39.14% to SAR 1.10 billion ($293.40 million) during the January-September 2024 period compared with SAR 790.70 million.
CEO Comments on 9M-24 Financials
Commenting on the positive financial results, the CEO of Saudi Tadawul Group, Khalid Al Hussan, said: “Building on our strong momentum, Saudi Tadawul Group has continued to excel in its performance in the first nine months of 2024. Our strategic focus on growth, diversification, and resilience remains the driving force behind our solid performance.”
Al Hussan noted: “Meanwhile, we continue to make significant operational progress in diversifying our offering to investors and elevating our subsidiaries’ activities to ensure we foster a dynamic capital market and position the Saudi Capital Market (CMA) as a leader in the global financial ecosystem.”
The CEO elaborated: “In line with this strategic focus, the group affirms its commitments to fostering sustainable growth and implementing effective governance practices. These efforts are crucial to enhancing the ongoing performance of the Saudi capital market, ensuring its resilience and global competitiveness.”
He added: “With continued investor engagement and the successful editions of the Capital Markets Forum, we are demonstrating our ability to capitalize on emerging opportunities while fostering deeper international partnerships.”
Al Hussan concluded: “As we approach the year end, we remain focused on delivering long-term value to all our stakeholders and advancing our position on the global financial stage.”
Key operational highlights on the group’s performance showed SAR 8 billion worth of average daily traded value (ADTV) from both the Main Market and the Parallel Market Nomu). Meanwhile, the market cap for both markets of the Saudi Exchange (Tadawul) stood at SAR 10.15 trillion.
Financial Results for Q3-24
During the third quarter (Q3) of 2024, Saudi Tadawul Group achieved net profits worth SAR 140.40 million which were 37.24% higher than SAR 102.30 million in Q3-23.
The revenues grew by 20.62% YoY to SAR 359.10 million during July-September 2024 from SAR 297.70 million.
On a quarterly basis, the net profits in Q3-24 were 14.28% lower than SAR 163.80 in Q2-24 while the revenues rose by 1.58% from SAR 353.50 million.
During the first half (H1) of 2024, Saudi Tadawul Group reported net profits worth SAR 365.40 million and revenues of SAR 741.10 million.
