The preliminary financial results of Tadawul Group revealed that its net profits increased during the second quarter of 2024 by about 55.7% on an annual basis, while the company’s net profits decreased by about 18.71% on a quarterly basis.
The company explained, in a statement today, Sunday, on the Saudi Stock Exchange, that the net profit after zakat and tax amounted to about 164 million riyals, compared to 105.2 million riyals in the comparative quarter of last year, while the net profit in the first quarter of 2024 amounted to about 201.5 million riyals.
The group said that the reason for the increase in net profit is due to the increase in operating revenues, which amounted to about 353.5 million riyals in the second quarter of 2024, compared to 268.7 million Saudi riyals in the same quarter of the previous year; representing an increase of 31.6%. The reason for the increase in operating revenues during the second quarter of 2024 compared to the same quarter of the previous year is due to the increase in trading services revenues and post-trading services; as a result of the increase in trading values by 37.7% in addition to the increase in revenues of services not related to trading by 26.3%.
As for the company’s profits in the first half of this year, they increased by about 86.43%, reaching 365.4 million riyals, compared to 196 million riyals in the comparable half of last year.
