Skip to content Skip to Search
Skip navigation

Tadawul 2023 profit falls as trading values drop 22%

By Pramod Kumar
The CMA's Mohammed El Kuwaiz, left – pictured with Khalid Al Hussan, Tadawul CEO – says IPO applications are up 30% Reuters/Faisal Al Nasser
The CMA's Mohammed El Kuwaiz, left – pictured with Khalid Al Hussan, Tadawul CEO – says IPO applications are up 30%

Saudi Tadawul Group Holding Company, the operator of the Saudi stock exchange (Tadawul), posted a decline in 2023 profits as trading value dropped sharply.

Net profit for the full year fell 8 percent year on year to SAR390 million ($104 million).

Revenue fell 1.6 percent year on year to just over SAR1 billion due to a decline in trading and post-trade revenues, as trading values fell 22 percent year on year.

Expenses rose to SAR744 million, up 16 percent year on year in 2023, compared to SAR 644 million, due to a rise in workforce costs, including increased headcount and systems maintenance costs.

Market capitalisation reached SAR 11.3 trillion at the end of 2023. Tadawul has 310 listed companies on the main market, Nomu-Parallel Market and Reits.

The company’s board of directors also recommended a 23 percent cash dividend for 2023, amounting to SAR 276 million.

Last month, the kingdom’s market regulator, Capital Market Authority, said it had received 56 initial public offering applications, a number well ahead of analysts’ expectations.

CMA chief Mohammed El Kuwaiz told a capital markets forum in Riyadh on February 19 that the applications were a 30 percent increase on last year, covering the main Saudi stock market and the parallel market Nomu. 

In January, Saudi Tadawul Group purchased a 32.6 percent stake in Dubai Mercantile Exchange’s parent company for SAR107 million.

Latest articles

Dnata staff load cargo into a plane at Cointrin Airport in Geneva. The company's expansion into Rome will need a €20 million investment

Dnata CEO confident of victory in Rome airport case

The Group CEO of Dnata, the Dubai-based global air and travel services provider, is “very confident” the company will soon begin operations in Rome. “We’re certainly planning to be operating this year,” Steve Allen told AGBI at a media event on Tuesday, referring to an appeal ruling on the decision to award ground-handling contracts due […]

Workers at a semiconductor plant in the Netherlands. Qatar's investment in France's Ardian comes as global demand for semiconductor chips is surging

QIA invests in French semiconductor fund Ardian

Qatar Investment Authority (QIA), the country’s sovereign wealth fund, has announced plans to make an anchor investment in Ardian Semiconductor, a new entity established by the French private equity firm Ardian.  The move underscores the Gulf state’s bet on the crucial role of semiconductors in powering digital and green transformations in key areas such as […]

A hospital doctor examines a cancer patient. Fakeeh, which runs four Saudi hospitals, is selling a 21.47% stake through its IPO

Healthcare group Fakeeh attracts orders of $91bn for Saudi IPO

The listing of healthcare conglomerate Fakeeh Care Group was 119 times oversubscribed by institutional investors, the Saudi stock exchange said on Tuesday. The initial public offering was set to raise $763 million but attracted orders of $91 billion, reinforcing Saudi Arabia’s dominance of the region’s IPO market this year. Fakeeh, which was founded in Jeddah […]

Saudi Rotana Dakar Senegal

Rotana reveals plans to reflag hotels in Saudi Arabia

Rotana, the Abu Dhabi-based hospitality company, is looking at aggressive expansion in Saudi Arabia, including taking over already operational hotels, its chief executive has revealed to AGBI. At this month’s Arabian Travel Market, Rotana outlined plans to launch nine new properties in Saudi Arabia within four years, aiming to double its rooms to more than […]