Tadawul Group 2023 profit falls 8% to SAR 390.1M, Q4 at SAR 91.8M
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Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit of SAR 390.1 million in 2023, a decline of 8% from SAR 424.6 million in 2022.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,090.20 | 1,072.78 | (1.6 %) |
| Gross Income | 702.47 | 606.84 | (13.6 %) |
| Operating Income | 445.88 | 328.33 | (26.4 %) |
| Net Income | 424.60 | 390.06 | (8.1 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 3.54 | 3.25 | (8.1 %) |
Operating revenue declined 1.6% year-on-year (YoY) to SAR 1.07 billion in 2023 due to lower trading and post-trade revenues, as result of a 22.4% YoY decrease in trading values. This was partly offset by a 64.2% YoY increase in data and technology services revenue.
Operating expenditures (OpEx) rose 15.5% YoY to SAR 744.5 million in 2023, following the consolidation of Direct Financial Network Co.’s financials, effective May 7, 2023, after the acquisition of a 51% stake. In addition, the group noted a rise in workforce cost and increased costs in systems maintenance.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 232.87 | 282.06 | 21.1 % |
| Gross Income | 133.81 | 144.06 | 7.7 % |
| Operating Income | 53.77 | 66.48 | 23.6 % |
| Net Income | 57.18 | 91.77 | 60.5 % |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.48 | 0.76 | 60.5 % |
The group’s net profit surged 61% YoY to SAR 91.8 million in Q4 2023.
On a sequential basis, Q4 net profit fell 10.2% from SAR 102.28 million.
Shareholders' equity, no minority interest, at the end of the period amounted to SAR 3.12 billion, compared to SAR 3.17 billion as of Dec. 31, 2022.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 224.29 | (23.7 %) | 122.92 | (41.2 %) | 64.31 | (58.3 %) |
| Q2 2023 | 268.71 | (10.3 %) | 169.13 | (15.1 %) | 100.58 | (28.1 %) |
| Q3 2023 | 297.72 | 12.9 % | 170.74 | 6.4 % | 97.00 | (1.3 %) |
| Q4 2023 | 282.06 | 21.1 % | 144.06 | 7.7 % | 66.48 | 23.6 % |
| 2023 | 1,072.78 | (1.6 %) | 606.84 | (13.6 %) | 328.33 | (26.4 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 90.78 | (35.4 %) | 0.76 | 20.89 | 69.89 | 0.58 |
| Q2 2023 | 105.23 | (23.6 %) | 0.88 | - | 105.23 | 0.88 |
| Q3 2023 | 102.28 | 14.8 % | 0.85 | - | 102.28 | 0.85 |
| Q4 2023 | 91.77 | 60.5 % | 0.76 | - | 91.77 | 0.76 |
| 2023 | 390.06 | (8.1 %) | 3.25 | 20.89 | 369.17 | 3.08 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 60.41 % | 41.58 % | 34.67 % |
| Q2 2023 | 59.25 % | 38.98 % | 32.48 % |
| Q3 2023 | 58.28 % | 37.90 % | 32.69 % |
| Q4 2023 | 56.57 % | 37.58 % | 34.41 % |
| 2023 | 56.57 % | 37.58 % | 34.41 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 120.00 | 3.12 | 2.95 | 27.25 |
| Q2 2023 | 120.00 | 2.85 | 2.68 | 24.84 |
| Q3 2023 | 120.00 | 2.96 | 2.79 | 25.66 |
| Q4 2023 | 120.00 | 3.25 | 3.08 | 26.31 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 46.24 | 48.97 | 5.30 |
| Q2 2023 | 65.98 | 70.26 | 7.58 |
| Q3 2023 | 65.15 | 69.22 | 7.52 |
| Q4 2023 | 57.47 | 60.72 | 7.10 |
Business Segments (Million)
Q4 2023
| Period | Post Trade | Capital Markets | Data and technology services |
|---|---|---|---|
| Q1 2023 | 120.56 | 72.27 | 31.46 |
| Q2 2023 | 141.24 | 82.66 | 44.81 |
| Q3 2023 | 155.90 | 91.57 | 50.24 |
| Q4 2023 | 155.16 | 88.95 | 37.95 |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 103.37 | 91.77 | (11.2 %) |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| SNB Capital | 97.10 | 91.77 | (5.5) % |
| GIB Capital | 105.00 | 91.77 | (12.6) % |
| Al Rajhi Capital | 108.00 | 91.77 | (15.0) % |
| 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 |
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