Skip to content Skip to Search
Skip navigation

Tadawul 2023 profit falls as trading values drop 22%

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

An artist's impression of part of the Diriyah Square development

Diriyah Square planned for historic Riyadh district

A public space featuring 400 retail outlets and 100 restaurants and cafes is planned for the historic Riyadh district of Diriyah. Diriyah Square will be announced next week at the World Retail Congress in Paris and aims to attract a combination of international retail brands and local artisans.  Diriyah Gate Development Authority group CEO Jerry […]

Nature, Undersea cables account for as much as 90 percent of Europe-Asia telecommunications, Water

Iraq and Kuwait team up for European telecom corridor

Iraq’s Informatics and Telecommunication Public Company, a division of the Ministry of Communications, has signed an agreement with Kuwait’s Zajil Telecom to create a telecommunications corridor from the Gulf region to Europe, transiting through Iraq and Turkey. The new route will pass through Iraqi sea and land ports. Iraq’s minister of communications Hayam Al-Yasiri said […]

Passengers at Beijing Capital International Airport. Air China will fly from the airport to Riyadh three times a week.

Third Chinese airline to launch flights to Saudi Arabia

Air China is set to begin flights to Riyadh in May, becoming the third Chinese airline to establish a route to Saudi Arabia. It joins China Southern and Eastern Airlines in connecting China with the kingdom.  Air China’s Airbus A330-300 will serve the Beijing-Riyadh route three times a week. The expansion in capacity between the […]

Highway traffic in California. Opec said the upcoming 'driving season' in the US will provide the usual additional demand for fuel

Opec stands by predictions for oil demand growth

Opec predicts robust fuel use this summer and has stuck to last month’s forecast of relatively strong growth in oil demand in 2024 and 2025. The oil producers’ organisation predicted in its monthly report that global demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. […]