Combined profit of Saudi brokerage firms drops 58% in Q2

26/09/2017 Argaam Special

The combined net profit of Saudi brokerage firms fell 58 percent year-on-year (YoY) to SAR 204.1 million in Q2 2017, a recent report of the Capital Market Authority (CMA) showed.

 

The profit decline came as revenue dropped by 32 percent YoY to SAR 984.9 million in the same period.

 

Data showed that the number of authorized brokerage firms operating in the Kingdom decreased to 82 from 84 in Q2 2016. 

 

Income Statement (SAR mln)

Period

Q2 2016

Q2 2017

Variation

Revenue

1,456.9

984.9

(32%)

Operating expenses

937.7

797.6

(15%)

Operating income

519.2

187.4

(64%)

Other revenue

5.9

23.6

+301%

Minority interest profit/loss

16.1

(12.0)

--

Net income

486.0

204.1

(58%)

 

Combined assets decreased 5 percent on a YoY basis to SAR 27.2 billion.

 

Shareholders’ equity slipped 2 percent YoY to SAR 21.3 billion in Q2 2017.

 

Balance Sheet (SAR mln)

Period

Q2 2016

Q2 2017

Variation

Assets

28,611.6

27,174.8

(5%)

Liabilities

6,614.9

5,844.6

(12%)

Capital

16,073.2

15,610.7

(3%)

Shareholders’ equity

21,661.5

21,255.8

(2%)

 

Brokerage firms completed around SAR 379.2 billion worth of transactions during the second quarter, a 41 percent YoY decline.

 

Their transactions accounted for 97.6 percent of total trading activity on the Saudi market.

 

Trading Value by Region (SAR mln)

Region

Trading value

Percentage of total

Local market

369,922

97.55%

GCC

789

0.21%

Arab countries

60

0.02%

Asia

1

0.00%

US

7,715

2.03%

Europe

491

0.13%

Other

233

0.06%

Total

379,211

100.00%

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.