Combined profit of Saudi brokerage firms surges 97% in Q3

12/12/2017 Argaam Special

 

 

The combined net profit of Saudi brokerage firms nearly doubled in Q3 2017, leaping 97 percent year-on-year (YoY) to SAR 346.7 million, a report by the Capital Market Authority (CMA) showed.

 

The profit hike came as revenue increased 12 percent YoY to SAR 1.1 billion in the same period.

 

Data showed that the number of authorized brokerage firms operating in the Kingdom decreased to 82 from 83 in Q3 2016. 

 

Income Statement (SAR mln)

Period

Q3 2016

Q3 2017

Variation

Revenue

1,023.9

1,144.0

+12%

Opex

821.4

798.9

(3%)

Operating income

201.5

345.2

+71%

Other income

0.1

15.6

--

Profit/loss of minority interest

(18.7)

(1.3)

(93%)

Net profit

176.2

346.7

+97%

 

Combined assets decreased 2 percent YoY to SAR 28.2 billion.

 

Shareholders’ equity edged up 0.3 percent YoY to SAR 21.7 billion in Q3.

 

Balance Sheet (SAR mln)

Period

Q3 2016

Q3 2017

Variation

Assets

28,763.8

28,222.9

(2%)

Liabilities

6,833.0

6,461.4

(5%)

Capital

16,071.2

15,610.7

(3%)

Shareholders’ equity

21,614.6

21,688.9

--

 

Brokerage firms completed around SAR 351.8 billion worth of transactions during the third quarter, up 2 percent YoY.

 

Their transactions accounted for 97.3 percent of total trading activity on the Saudi market.

 

Trading Value by Region (SAR mln)

Market

Trading Value

Percent to total trading value

Local Market

342,138

97.27%

GCC

635

0.18%

Arab countries

39

0.01%

Asia

5

0.00%

US

8,497

2.42%

Europe

51

0.01%

Others

392

0.11%

Total

351,757

100.00%

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