Tadawul Group 2022 profit falls 28% to SAR 424.6 mln, Q4 at SAR 57.2 mln

Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit after Zakat and tax of SAR 424.6 million in 2022, a decline of 28% from SAR 587.7 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	1,166.08	1,090.20	(6.5 %)
Gross Income	834.29	702.47	(15.8 %)
Operating Income	613.57	445.88	(27.3 %)
Net Income	587.69	424.60	(27.8 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	4.90	3.54	(27.8 %)

Operating expenses increased 16.6% year-on-year (YoY) to SAR 644.3 million in 2022, due to a rise in salaries and the related benefits, the group said.

Operating revenue declined 8.1% YoY to SAR 1.07 billion.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased 26.9% YoY to SAR 490.3 million, due to lower operating revenue. In addition, gross profit decreased 18% YoY to SAR 683.7 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	257.54	232.87	(9.6 %)
Gross Income	184.53	133.81	(27.5 %)
Operating Income	110.57	53.77	(51.4 %)
Net Income	110.46	57.18	(48.2 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.92	0.48	(48.2 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	263.72	232.87	(11.7 %)
Gross Income	160.53	133.81	(16.6 %)
Operating Income	98.27	53.77	(45.3 %)
Net Income	89.12	57.18	(35.8 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.74	0.48	(35.8 %)

The group’s net profit after Zakat and tax slumped 48% YoY to SAR 57.2 million in Q4 2022.

On a sequential basis, Q4 2022 net profit dropped 35.8% from SAR 89.12 million.

Shareholders' equity, no minority interest, at the end of the period amounted to SAR 3.17 billion, compared to SAR 3.09 billion as of Dec. 31, 2021.

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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 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	345.91	(21.4 %)	191.18	(31.7 %)	85.91	(53.4 %)
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	345.91	(21.4 %)	191.18	(31.7 %)	85.91	(53.4 %)
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 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	152.43	(37.3 %)	1.27	-	152.43	1.27
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	152.43	(37.3 %)	1.27	-	152.43	1.27
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	55.27 %	31.31 %	44.07 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	55.27 %	31.31 %	44.07 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	120.00	1.27	1.27	26.56
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	25.69	25.69	4.88
2022	51.15	51.15	6.83

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

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

Analysts Estimates (Million)

Item	Q4 2022 (e)	Q4 2022 (a)	Change‬
Average	65.10	57.18	(12.2 %)

Estimates vs Actual (Million)

Item	Q4 2022 (e)	Q4 2022 (a)	Change
SNB Capital	65.10	57.18	(12.2) %

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Tadawul Group 2022 profit falls 28% to SAR 424.6 mln, Q4 at SAR 57.2 mln

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Tadawul Group 2022 profit falls 28% to SAR 424.6 mln, Q4 at SAR 57.2 mln

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 2022

Revenue by Business Segment (Latest) 2022 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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