Tadawul Group 2023 profit falls 8% to SAR 390.1M, Q4 at SAR 91.8M

Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit of SAR 390.1 million in 2023, a decline of 8% from SAR 424.6 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,090.20	1,072.78	(1.6 %)
Gross Income	702.47	606.84	(13.6 %)
Operating Income	445.88	328.33	(26.4 %)
Net Income	424.60	390.06	(8.1 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	3.54	3.25	(8.1 %)

Operating revenue declined 1.6% year-on-year (YoY) to SAR 1.07 billion in 2023 due to lower trading and post-trade revenues, as result of a 22.4% YoY decrease in trading values. This was partly offset by a 64.2% YoY increase in data and technology services revenue.

Operating expenditures (OpEx) rose 15.5% YoY to SAR 744.5 million in 2023, following the consolidation of Direct Financial Network Co.’s financials, effective May 7, 2023, after the acquisition of a 51% stake. In addition, the group noted a rise in workforce cost and increased costs in systems maintenance.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	232.87	282.06	21.1 %
Gross Income	133.81	144.06	7.7 %
Operating Income	53.77	66.48	23.6 %
Net Income	57.18	91.77	60.5 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.48	0.76	60.5 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	297.72	282.06	(5.3 %)
Gross Income	170.74	144.06	(15.6 %)
Operating Income	97.00	66.48	(31.5 %)
Net Income	102.28	91.77	(10.3 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.85	0.76	(10.3 %)

The group’s net profit surged 61% YoY to SAR 91.8 million in Q4 2023.

On a sequential basis, Q4 net profit fell 10.2% from SAR 102.28 million.

Shareholders' equity, no minority interest, at the end of the period amounted to SAR 3.12 billion, compared to SAR 3.17 billion as of Dec. 31, 2022.

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Share Price

Saudi Tadawul Group Holding Co. (TADAWUL GROUP)

	Current
Market Cap (M Riyal)	26,832.00
Enterprise Value (EV) (M)	23,601.21
Shares Outstanding ((M))	120.00
EPS ( Riyal) (TTM)	4.98
Book Value (BV) ( Riyal)	28.07
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	44.91
P/E (TTM)	44.91
Price/book	7.97
Return on Average Assets (%) (TTM)	7.0
Return on Average Equity (%) (TTM)	18.5

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	487.01	40.8 %	325.20	70.1 %	186.14	116.7 %
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	402.67	(17.3 %)	224.81	(30.9 %)	33.47	(82.0 %)
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	545.45	-	249.98	-	57.45	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	583.28	6.9 %	284.78	13.9 %	74.26	29.2 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	564.75	(3.2 %)	238.62	(16.2 %)	41.66	(43.9 %)
Q1 2020	168.32	-	87.58	-	47.02	-
Q2 2020	267.10	-	195.80	-	142.72	-
Q3 2020	262.07	-	168.34	-	127.42	-
Q4 2020	382.14	-	302.68	-	226.01	-
2020	1,079.64	91.2 %	754.40	216.2 %	543.16	1203.8 %
Q1 2021	332.37	97.5 %	240.10	174.2 %	194.62	313.9 %
Q2 2021	313.54	17.4 %	231.19	18.1 %	175.87	23.2 %
Q3 2021	262.64	0.2 %	178.48	6.0 %	130.30	2.3 %
Q4 2021	257.54	(32.6 %)	184.53	(39.0 %)	110.57	(51.1 %)
2021	1,166.08	8.0 %	834.29	10.6 %	613.57	13.0 %
Q1 2022	293.99	(11.5 %)	208.88	(13.0 %)	154.25	(20.7 %)
Q2 2022	299.66	(4.4 %)	199.29	(13.8 %)	139.83	(20.5 %)
Q3 2022	263.72	0.4 %	160.53	(10.1 %)	98.27	(24.6 %)
Q4 2022	232.87	(9.6 %)	133.81	(27.5 %)	53.77	(51.4 %)
2022	1,090.20	(6.5 %)	702.47	(15.8 %)	445.88	(27.3 %)
Q1 2023	224.29	(23.7 %)	122.92	(41.2 %)	64.31	(58.3 %)
Q2 2023	268.71	(10.3 %)	169.13	(15.1 %)	100.58	(28.1 %)
Q3 2023	297.72	12.9 %	170.74	6.4 %	97.00	(1.3 %)
Q4 2023	282.06	21.1 %	144.06	7.7 %	66.48	23.6 %
2023	1,072.78	(1.6 %)	606.84	(13.6 %)	328.33	(26.4 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	487.01	40.8 %	325.20	70.1 %	186.14	116.7 %
2015	402.67	(17.3 %)	224.81	(30.9 %)	33.47	(82.0 %)
2016	-	-	-	-	-	-
2017	545.45	-	249.98	-	57.45	-
2018	583.28	6.9 %	284.78	13.9 %	74.26	29.2 %
2019	564.75	(3.2 %)	238.62	(16.2 %)	41.66	(43.9 %)
2020	1,079.64	91.2 %	754.40	216.2 %	543.16	1203.8 %
2021	1,166.08	8.0 %	834.29	10.6 %	613.57	13.0 %
2022	1,090.20	(6.5 %)	702.47	(15.8 %)	445.88	(27.3 %)
2023	1,072.78	(1.6 %)	606.84	(13.6 %)	328.33	(26.4 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	265.02	73.9 %	2.21	-	265.02	2.21
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	107.33	(59.5 %)	0.89	-	107.33	0.89
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	145.30	-	1.21	-	145.30	1.21
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	148.19	2.0 %	1.23	-	148.19	1.23
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	153.29	3.4 %	1.28	-	153.29	1.28
Q1 2020	63.85	-	0.53	-	63.85	0.53
Q2 2020	150.11	-	1.25	-	150.11	1.25
Q3 2020	132.96	-	1.11	-	132.96	1.11
Q4 2020	153.59	-	1.28	-	153.59	1.28
2020	500.52	226.5 %	4.17	-	500.52	4.17
Q1 2021	179.64	181.3 %	1.50	-	179.64	1.50
Q2 2021	181.07	20.6 %	1.51	-	181.07	1.51
Q3 2021	115.19	(13.4 %)	0.96	-	115.19	0.96
Q4 2021	110.46	(28.1 %)	0.92	-	110.46	0.92
2021	587.69	17.4 %	4.90	-	587.69	4.90
Q1 2022	140.64	(21.7 %)	1.17	-	140.64	1.17
Q2 2022	137.67	(24.0 %)	1.15	-	137.67	1.15
Q3 2022	89.12	(22.6 %)	0.74	-	89.12	0.74
Q4 2022	57.18	(48.2 %)	0.48	-	57.18	0.48
2022	424.60	(27.8 %)	3.54	-	424.60	3.54
Q1 2023	90.78	(35.4 %)	0.76	20.89	69.89	0.58
Q2 2023	105.23	(23.6 %)	0.88	-	105.23	0.88
Q3 2023	102.28	14.8 %	0.85	-	102.28	0.85
Q4 2023	91.77	60.5 %	0.76	-	91.77	0.76
2023	390.06	(8.1 %)	3.25	20.89	369.17	3.08

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	265.02	73.9 %	2.21	-	265.02	2.21
2015	107.33	(59.5 %)	0.89	-	107.33	0.89
2016	-	-	-	-	-	-
2017	145.30	-	1.21	-	145.30	1.21
2018	148.19	2.0 %	1.23	-	148.19	1.23
2019	153.29	3.4 %	1.28	-	153.29	1.28
2020	500.52	226.5 %	4.17	-	500.52	4.17
2021	587.69	17.4 %	4.90	-	587.69	4.90
2022	424.60	(27.8 %)	3.54	-	424.60	3.54
2023	390.06	(8.1 %)	3.25	20.89	369.17	3.08

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	66.78 %	41.87 %	54.42 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	55.83 %	12.39 %	26.66 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	45.83 %	16.13 %	26.64 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	48.82 %	18.26 %	25.41 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	42.25 %	16.46 %	27.14 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	69.88 %	52.51 %	46.36 %
2020	69.88 %	54.78 %	46.36 %
Q1 2021	72.92 %	57.46 %	49.55 %
Q2 2021	73.04 %	59.06 %	50.17 %
Q3 2021	73.79 %	59.52 %	48.77 %
Q4 2021	71.55 %	56.09 %	50.28 %
2021	71.55 %	57.51 %	50.40 %
Q1 2022	71.21 %	55.54 %	48.54 %
Q2 2022	69.24 %	53.31 %	45.25 %
Q3 2022	67.56 %	50.30 %	42.86 %
Q4 2022	64.44 %	46.71 %	38.95 %
2022	64.44 %	46.69 %	38.95 %
Q1 2023	60.41 %	41.58 %	34.67 %
Q2 2023	59.25 %	38.98 %	32.48 %
Q3 2023	58.28 %	37.90 %	32.69 %
Q4 2023	56.57 %	37.58 %	34.41 %
2023	56.57 %	37.58 %	34.41 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	66.78 %	41.87 %	54.42 %
2015	55.83 %	12.39 %	26.66 %
2016	-	-	-
2017	45.83 %	16.13 %	26.64 %
2018	48.82 %	18.26 %	25.41 %
2019	42.25 %	16.46 %	27.14 %
2020	69.88 %	54.78 %	46.36 %
2021	71.55 %	57.51 %	50.40 %
2022	64.44 %	46.69 %	38.95 %
2023	56.57 %	37.58 %	34.41 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	52.03 %	-	37.93 %
Q2 2020	73.31 %	-	56.20 %
Q3 2020	64.24 %	53.14 %	50.74 %
Q4 2020	79.21 %	62.27 %	40.19 %
Q1 2021	72.24 %	58.56 %	54.05 %
Q2 2021	73.73 %	60.62 %	57.75 %
Q3 2021	67.96 %	55.41 %	43.86 %
Q4 2021	71.65 %	48.08 %	42.89 %
Q1 2022	71.05 %	56.77 %	47.84 %
Q2 2022	66.51 %	52.57 %	45.94 %
Q3 2022	60.87 %	42.69 %	33.79 %
Q4 2022	57.46 %	31.06 %	24.55 %
Q1 2023	54.80 %	36.52 %	31.16 %
Q2 2023	62.94 %	44.28 %	39.16 %
Q3 2023	57.35 %	38.55 %	34.36 %
Q4 2023	51.08 %	31.03 %	32.54 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	120.00	-	-	-
Q2 2020	120.00	-	-	-
Q3 2020	120.00	-	-	-
Q4 2020	120.00	4.17	4.17	30.29
Q1 2021	120.00	5.14	5.14	31.79
Q2 2021	120.00	5.39	5.39	23.97
Q3 2021	120.00	5.25	5.25	24.93
Q4 2021	120.00	4.89	4.89	25.77
Q1 2022	120.00	4.56	4.56	26.94
Q2 2022	120.00	4.20	4.20	25.09
Q3 2022	120.00	3.98	3.98	25.83
Q4 2022	120.00	3.54	3.54	26.50
Q1 2023	120.00	3.12	2.95	27.25
Q2 2023	120.00	2.85	2.68	24.84
Q3 2023	120.00	2.96	2.79	25.66
Q4 2023	120.00	3.25	3.08	26.31

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	120.00	2.21	2.21	27.81
2015	120.00	0.89	0.89	27.53
2016	-	-	-	-
2017	120.00	1.21	1.21	26.56
2018	120.00	1.23	1.23	26.96
2019	120.00	1.28	1.28	27.16
2020	120.00	4.17	4.17	30.29
2021	120.00	4.90	4.90	25.77
2022	120.00	3.54	3.54	26.50
2023	120.00	3.25	3.08	26.31

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	25.75	25.75	4.88
Q1 2022	41.87	41.87	7.09
Q2 2022	45.00	45.00	7.53
Q3 2022	50.57	50.57	7.80
Q4 2022	51.15	51.15	6.83
Q1 2023	46.24	48.97	5.30
Q2 2023	65.98	70.26	7.58
Q3 2023	65.15	69.22	7.52
Q4 2023	57.47	60.72	7.10

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	25.69	25.69	4.88
2022	51.15	51.15	6.83
2023	57.47	60.72	7.10

Business Segments (Million)

Compared With The

Period	Post Trade	Capital Markets	Data and technology services
Q4 2020	171.90	155.55	54.69
Q1 2021	163.48	145.04	23.85
Q2 2021	154.76	135.08	23.69
Q3 2021	136.13	103.26	23.24
Q4 2021	128.60	106.46	22.48
Q1 2022	148.06	121.28	24.61
Q2 2022	160.00	115.86	22.26
Q3 2022	138.14	91.44	27.60
Q4 2022	137.27	77.97	25.72
Q1 2023	120.56	72.27	31.46
Q2 2023	141.24	82.66	44.81
Q3 2023	155.90	91.57	50.24
Q4 2023	155.16	88.95	37.95

Period	Post Trade	Capital Markets	Data and technology services
2017	284.85	197.58	63.03
2018	298.32	224.15	60.81
2019	281.50	221.91	61.35
2020	511.77	455.37	112.50
2021	582.97	489.84	93.26
2022	583.47	406.54	100.19
2023	572.86	335.45	164.47

Analysts Estimates (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change‬
Average	103.37	91.77	(11.2 %)

Estimates vs Actual (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change
SNB Capital	97.10	91.77	(5.5) %
GIB Capital	105.00	91.77	(12.6) %
Al Rajhi Capital	108.00	91.77	(15.0) %

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Tadawul Group 2023 profit falls 8% to SAR 390.1M, Q4 at SAR 91.8M

Financials (M)

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Saudi Tadawul Group Holding Co. (TADAWUL GROUP)

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Tadawul Group 2023 profit falls 8% to SAR 390.1M, Q4 at SAR 91.8M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Saudi Tadawul Group Holding Co. (TADAWUL GROUP)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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Business Segments (Million)