Tadawul Group profit drops 22% to SAR 140.6 mln in Q1 2022

15/05/2022 Argaam Exclusive

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Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit after Zakat and tax of SAR 140.6 million in the first quarter of 2022, down 22% from SAR 179.6 million in the year-ago period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2021	Q1 2022	Change‬
Revenues	332.37	293.99	(11.5 %)
Gross Income	240.10	208.88	(13.0 %)
Operating Income	194.62	154.25	(20.7 %)
Net Income	179.64	140.64	(21.7 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.50	1.17	(21.7 %)

Item	Q4 2021	Q1 2022	Change‬
Revenues	257.54	293.99	14.2 %
Gross Income	184.53	208.88	13.2 %
Operating Income	110.57	154.25	39.5 %
Net Income	110.46	140.64	27.3 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.92	1.17	27.3 %

The lower profit was attributed to an 11.6% decline in operating revenue to SAR 293.9 million, compared to SAR 332.4 million in Q1 2021, mainly due to a decrease in trading services and post-trade services.

Operating expenses (OPEX) also increased by 1.8% year-on-year (YoY) to SAR 140.2 million. EBITDA fell by 20.4% YoY to SAR 166.4 million.

On a sequential basis, the first-quarter net profit leapt 27.2% from SAR 110.5 million. Operating revenue jumped by 14.1% quarter-on-quarter (QoQ) to SAR 293.9 million in the three-month period. OPEX declined by 4.4% QoQ to SAR 140.2 million. EBITDA climbed 34.1% QoQ to SAR 166.4 million.

Total shareholders’ equity, excluding minority interest, declined 15.2% to SAR 3.233 billion in Q1 2022, compared to SAR 3.814 billion in the year-ago period.

The post-trade revenue decreased by 9.4% reaching SAR 148.1 million in Q1 2022 compared to SAR 163.5 million in Q1 2021, due to the normalization of trading volumes which contracted by 22.1% YoY.

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Financial results (Million)

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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	440.28	-	279.92	-	184.25	-
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 %

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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	243.26	-	2.03	-	243.26	2.03
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

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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	63.58 %	49.15 %	55.25 %
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 %

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 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	120.00	2.03	2.03	25.42
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

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

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	25.69	25.69	4.88

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

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

Analysts Estimates (Million)

Item	Q1 2022 (e)	Q1 2022 (a)	Change‬
Average	155.00	140.64	(9.3 %)

Estimates vs Actual (Million)

Item	Q1 2022 (e)	Q1 2022 (a)	Change
SNB Capital	155.00	140.64	(9.3) %

Financial Ratios

	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

Saudi Tadawul Group Holding Co. (TADAWUL GROUP)

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Tadawul Group profit drops 22% to SAR 140.6 mln in Q1 2022

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Current Quarter Comparison (M)

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)

Revenue by Business Segment (Latest) 2022 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Tadawul Group Holding Co. (TADAWUL GROUP)

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Tadawul Group profit drops 22% to SAR 140.6 mln in Q1 2022

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Current Quarter Comparison (M)

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) Q1 2022

Revenue by Business Segment (Latest) 2022 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Tadawul Group Holding Co. (TADAWUL GROUP)

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Business Segments (Million)