The financial statements of the Saudi Tadawul Group revealed that the company’s profits declined in the second quarter of this year by 24% on an annual basis, to reach 137.7 million riyals, compared to profits for the same period last year, which amounted to 181.1 million riyals.
The company's revenues in the second quarter of this year amounted to about 298.1 million riyals, compared to 313.5 million riyals in the same period of the previous year, a decline of 4.9%.
The company said in a statement to the Saudi market (Tadawul), today, Sunday, that the decline in profits during the comparison periods is due to several reasons, most notably the decrease in operating revenues and the increase in operating expenses by 4.9% and 16.6%, respectively.
The company achieved profits of 278.3 million riyals in the first half of this year, compared to 362 million riyals in profits for the same period last year, a decline of 23.1%.
Revenues for the first half of this year amounted to 592.1 million riyals, compared to 645.9 million riyals in the first half of 2021, a decrease of 8.3% on an annual basis.