The reception area of the Saudi Stock Exchange, also known as Tadawul
Operating expenditures decreased 4.4% due to a decrease in the salaries and related benefits. Image Credit: Bloomberg

Riyadh: The Saudi Tadawul Group reported a net profit after tax for Q1 2022 at 140.6 million Saudi riyals on Sunday, a 21.7 per cent decrease compared to the year-ago period figures of 179.6 million riyals.

Operating revenue was down 11.6 per cent year-on-year at 293.9 million riyals compared to 332.4 million in Q1 2021, mainly due to a decrease in trading and post trade services driven by normalisation of trading volumes which contracted 22.1 per cent, the group said.

Compared to 146.7 million riyals in the previous quarter, the operating expenditures decreased 4.4 per cent due to a decrease in the salaries and related benefits, the largest cost item.

“Following our transformational IPO and listing last year, we have been focused on delivering on our strategy and meeting our key strategic objectives to promote excellent value for investors and foster the development of the Saudi capital market in alignment with the pillars of Financial Sector Development Program (FSDP) and the ambitious Kingdom’s Vision 2030,” said Khalid Al Hussan, Group CEO at Saudi Tadawul Group.

Investment income in the assessment period was down 13 per cent year-on-year at 9.9 million riyals compared to 11.4 million riyals in Q1 2021.