Tadawul Group profit falls 30% to SAR 196 mln in H1 2023; Q2 at SAR 105.2 mln

23/07/2023 Argaam Exclusive

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Saudi Tadawul Group Holding Co. (Tadawul Group) reported a drop of 30% in H1 2023 net profit to SAR 196 million from SAR 278.3 million in the year-ago period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	593.61	493.00	(16.9 %)
Gross Income	408.13	292.04	(28.4 %)
Operating Income	293.85	164.90	(43.9 %)
Net Income	278.30	196.01	(29.6 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	2.32	1.63	(29.6 %)

The group’s operating revenue decreased by 21.8% year-on-year (YoY) to SAR 463.3 million in the six-month period due to lower trading and post-trade revenues.

Operating expenditures (OPEX) increased 9.5% YoY to SAR 328.1 million following a rise in salaries and related benefits, along with the consolidation of Direct Financial Network Co.’s financials effective from May 7, 2023, following Tadawul Group’s acquisition of a 51% stake in the latter.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped by 46.9% YoY to SAR 171.2 million. Meanwhile, gross profit also dipped 35.5% YoY to SAR 262.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	299.66	268.71	(10.3 %)
Gross Income	199.29	169.13	(15.1 %)
Operating Income	139.83	100.58	(28.1 %)
Net Income	137.67	105.23	(23.6 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.15	0.88	(23.6 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	224.29	268.71	19.8 %
Gross Income	122.92	169.13	37.6 %
Operating Income	64.31	100.58	56.4 %
Net Income	90.78	105.23	15.9 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.76	0.88	15.9 %

In the second quarter, the net profit stood at SAR 105.2 million, down 23.6% from SAR 137.67 million in Q2 2022.

On a quarterly basis, the Q2 net profit rose by 15.9% from SAR 90.78 million.

Total shareholders’ equity, no minority interest, declined to SAR 2.92 billion as of June 30, 2023, from SAR 3.01 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
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 %)
Q4 2022	232.87	(9.6 %)	133.81	(27.5 %)	53.77	(51.4 %)
2022	1,090.20	(6.5 %)	702.47	(15.8 %)	445.88	(27.3 %)
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2022	1,090.20	(6.5 %)	702.47	(15.8 %)	445.88	(27.3 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
Q2 2022	137.67	(24.0 %)	1.15	-	137.67	1.15
Q3 2022	89.12	(22.6 %)	0.74	-	89.12	0.74
Q4 2022	57.18	(48.2 %)	0.48	-	57.18	0.48
2022	424.60	(27.8 %)	3.54	-	424.60	3.54
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2022	424.60	(27.8 %)	3.54	-	424.60	3.54

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q2 2022	69.24 %	53.31 %	45.25 %
Q3 2022	67.56 %	50.30 %	42.86 %
Q4 2022	64.44 %	46.71 %	38.95 %
2022	64.44 %	46.69 %	38.95 %
Q1 2023	60.41 %	41.58 %	34.67 %
Q2 2023	59.25 %	38.98 %	32.48 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	64.44 %	46.69 %	38.95 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q2 2022	66.51 %	52.57 %	45.94 %
Q3 2022	60.87 %	42.69 %	33.79 %
Q4 2022	57.46 %	31.06 %	24.55 %
Q1 2023	54.80 %	36.52 %	31.16 %
Q2 2023	62.94 %	44.28 %	39.16 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q2 2022	120.00	4.20	4.20	25.09
Q3 2022	120.00	3.98	3.98	25.83
Q4 2022	120.00	3.54	3.54	26.50
Q1 2023	120.00	3.12	2.95	27.25
Q2 2023	120.00	2.85	2.68	24.84

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	120.00	3.54	3.54	26.50

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q2 2022	45.00	45.00	7.53
Q3 2022	50.57	50.57	7.80
Q4 2022	51.15	51.15	6.83
Q1 2023	46.24	48.97	5.30
Q2 2023	65.98	70.26	7.58

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	25.69	25.69	4.88
2022	51.15	51.15	6.83

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
Q2 2022	160.00	115.86	22.26
Q3 2022	138.14	91.44	27.60
Q4 2022	137.27	77.97	25.72
Q1 2023	120.56	72.27	31.46
Q2 2023	141.24	82.66	44.81

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
2022	583.47	406.54	100.19

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	99.07	105.23	6.22 %

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
Goldman Sachs	103.20	105.23	2.0 %
SNB Capital	103.00	105.23	2.2 %
HSBC	91.00	105.23	15.6 %

Financial Ratios

	Current
Market Cap (M Riyal)	26,784.00
Enterprise Value (EV) (M)	23,553.21
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)	44.83
P/E (TTM)	44.83
Price/book	7.95
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 falls 30% to SAR 196 mln in H1 2023; Q2 at SAR 105.2 mln

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Financials (M)

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) 2023 Q2

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 falls 30% to SAR 196 mln in H1 2023; Q2 at SAR 105.2 mln

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Financials (M)

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) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

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)