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

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]