Tadawul Group 9M 2022 profit drops 23% to SAR 367.4 mln; Q3 at SAR 89.1 mln
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Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit after Zakat and tax of SAR 367.4 million for the first nine months of 2022, a fall of 23% from SAR 477.2 million in the year-earlier period, as operating revenue decreased by 6.5% year-on-year (YoY) to SAR 849.2 million.
Financials (M)
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 908.54 | 857.33 | (5.6 %) |
| Gross Income | 649.77 | 568.66 | (12.5 %) |
| Operating Income | 503.01 | 392.12 | (22.0 %) |
| Net Income | 477.23 | 367.42 | (23.0 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 3.98 | 3.06 | (23.0 %) |
Operating expenses (OPEX) increased by 14.7% YoY to SAR 465.2 million in the nine-month period. Earnings before interest, tax, depreciation and amortization (EBITDA) declined by 21.6% YoY to SAR 428.7 million. Gross profit dropped 15.5% YoY to SAR 548.9 million.
The third-quarter net profit after Zakat and tax fell by 23% to SAR 89.1 million from SAR 115.19 million in Q3 2021, as operating revenue went down 2.1% YoY to SAR 257.2 million. OPEX increased 25% YoY to SAR 165.5 million. EBITDA dropped 27.1% on an annual basis to reach SAR 106 million. Gross profit also levelled down 18.3% YoY to SAR 145.9 million.
Current Quarter Comparison (M)
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 262.64 | 263.72 | 0.4 % |
| Gross Income | 178.48 | 160.53 | (10.1 %) |
| Operating Income | 130.30 | 98.27 | (24.6 %) |
| Net Income | 115.19 | 89.12 | (22.6 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.96 | 0.74 | (22.6 %) |
Compared to the previous quarter, net profit dipped 35.3% from SAR 137.67 million.
Shareholders’ equity, after minority interest, stood at SAR 3.099 billion as of Sept. 30, 2022, compared to SAR 2.991 billion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 71.21 % | 55.54 % | 48.54 % |
| Q2 2022 | 69.24 % | 53.31 % | 45.25 % |
| Q3 2022 | 67.56 % | 50.30 % | 42.86 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | 41.87 | 41.87 | 7.09 |
| Q2 2022 | 45.00 | 45.00 | 7.53 |
| Q3 2022 | 50.57 | 50.57 | 7.80 |
Business Segments (Million)
Q3 2022
| Period | Post Trade | Capital Markets | Data and technology services |
|---|---|---|---|
| Q1 2022 | 148.06 | 121.28 | 24.61 |
| Q2 2022 | 160.00 | 115.86 | 22.26 |
| Q3 2022 | 138.14 | 91.44 | 27.60 |
Analysts Estimates (Million)
| Item | Q3 2022 (e) | Q3 2022 (a) | Change |
|---|---|---|---|
| Average | 102.00 | 89.12 | (12.6 %) |
Estimates vs Actual (Million)
| Item | Q3 2022 (e) | Q3 2022 (a) | Change |
|---|---|---|---|
| SNB Capital | 102.00 | 89.12 | (12.6) % |
| Current | |
| Market Cap (M Riyal) | 27,048.00 |
| Enterprise Value (EV) (M) | 23,817.21 |
| 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) | 45.27 |
| P/E (TTM) | 45.27 |
| Price/book | 8.03 |
| Return on Average Assets (%) (TTM) | 7.0 |
| Return on Average Equity (%) (TTM) | 18.5 |
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