Saudi Tadawul Group’s net profit drops 24% in Q2 2022
For the half-yearly period, net profit stood at 278.3m riyals, a 23.1% decrease
Saudi Tadawul Group reported a net profit after zakat of 137.7 million riyals in Q2 2022, a 24 per cent decrease from 181.1 million riyals in the year-ago period.
Operating revenue fell 4.9 per cent at 298.1 million riyals in Q2 2022 compared to 313.5 million riyals in Q2 2021, predominantly due to the decrease in trading services driven by normalisation of trading values which contracted by 21.6 per cent, the company said on Sunday.
Operating expenditures increased 16.6 per cent at 160.6 million riyals in Q2 2022 compared to 137.7 million riyals in the year-ago period, mainly due to the increase in salaries and related benefits, the largest cost item, the company said.
EBITDA decreased 18.8 per cent to 155.3 million riyals in Q2 2022 compared to 191.3 million riyals in Q2 2021, while gross profit decreased 14.9 per cent to 196.8 million riyals in Q2 2022 compared to 231.2 million riyals.
For the half-yearly period, the group achieved a net profit after zakat of 278.3 million riyals in H1 2022, a 23.1 per cent year-on-year decrease from 362 million riyals in H1 2021.
Operating revenue decreased 8.3 per cent YoY reaching 592.1 million riyals in H1 2022 compared to 645.9 million riyals in H1 2021. Operating expenditures increased 9.8 per cent YoY reaching 300.9 million riyals in H1 compared to 274.1 million riyals in the year-ago period.
