Derayah profit rises 70% to SAR 228M, AUM at SAR 15B in H1 2024

Derayah Financial Co. announced the appointment of HSBC Saudi Arabia as the sole financial advisor, bookrunner, global coordinator, lead manager and underwriter.

The company recorded an operating income of SAR 624 million, a net profit of SAR 330 million, and a net profit margin of about 53% in 2023.

Derayah reported strong growth in the first half of 2024, with operating income surging 63% year-on-year (YoY) and net profit soaring 70% YoY to SAR 228 million.

The company’s customer account base has expanded 12-fold since 2016.

As of June 30, 2024, Derayah manages assets worth SAR 15.1 billion. It is one of the leading independent brokers in terms of brokerage revenues and holds the third-largest market share in the Kingdom's digital brokerage market, accounting for approximately 14% of the sector.

According to the data available on Argaam, the Capital Market Authority (CMA) approved last December the application received from Derayah Financial Co. to float 49.94 million shares, representing 20% of capital.