Tadawul Group 2024 profit up 59% to SAR 621.8M; Q4 at SAR 116.1M
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Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit of SAR 621.8 million in 2024, an increase of 59% from SAR 390.1 million in 2023.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 1,072.78 | 1,446.56 | 34.8 % |
| Gross Income | 606.84 | 911.80 | 50.3 % |
| Operating Income | 328.33 | 566.13 | 72.4 % |
| Net Income | 390.06 | 621.84 | 59.4 % |
| Average Shares | 120.00 | 120.00 | - |
| Earnings Per Share before unusual items | 3.08 | 5.18 | 68.4 % |
| EPS (Riyals) | 3.25 | 5.18 | 59.4 % |
The profit increase was mainly driven by higher revenues from trading and post-trading services, driven by a 39.4% increase year-on-year (YoY) in trading values, a 54.5% rise in net commission income on Saudi Central Bank (SAMA) bills and deposits, a 24.4% growth in depository services revenues, and a 10.2% increase in registry services revenues.
Additionally, revenues from non-trading linked services rose by 29.4% YoY.
Revenues from the capital markets segment increased by 37.5% YoY reaching SAR 461.3 million in 2024. This increase was primarily driven by a 39.4% increase in trading values, and a 27.3% rise in listing services revenues.
Revenues from the data and technology services segment increased by 33.5% YoY to SAR 219.6 million in 2024. This growth was primarily driven by an increase in co-location services revenues and revenues contribution from the Direct Financial Network Co.
Gross profit increased 50.3% YoY to SAR 911.8 million in 2024, and operating profit rose 72.4% YoY to SAR 566.1 million.
Meanwhile, operating expenditures rose 18.3% YoY to SAR 880.4 million in 2024, due to the consolidation of Direct Financial Network Co.'s financials, effective from May 7, 2023, along with a rise in workforce cost due to an increase in headcount.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 282.06 | 346.33 | 22.8 % |
| Gross Income | 144.06 | 219.65 | 52.5 % |
| Operating Income | 66.48 | 104.59 | 57.3 % |
| Net Income | 91.77 | 116.14 | 26.6 % |
| Average Shares | 120.00 | 120.00 | - |
| Earnings Per Share before unusual items | 0.76 | 0.97 | 26.6 % |
| EPS (Riyals) | 0.76 | 0.97 | 26.6 % |
The group’s net profit surged 27% to SAR 116.1 million in Q4 2024 from SAR 91.77 million in Q4 2023.
On a sequential basis, Q4 net profit fell 17.3% from SAR 140.35 million.
Shareholders' equity, no minority interest, at the end of the period amounted to SAR 3.49 billion, compared to SAR 3.15 billion a year earlier.
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2024 | 201.52 | 122.0 % | 1.68 | - | 201.52 | 1.68 |
| Q2 2024 | 163.83 | 55.7 % | 1.37 | - | 163.83 | 1.37 |
| Q3 2024 | 140.35 | 37.2 % | 1.17 | - | 140.35 | 1.17 |
| Q4 2024 | 116.14 | 26.6 % | 0.97 | - | 116.14 | 0.97 |
| 2024 | 621.84 | 59.4 % | 5.18 | - | 621.84 | 5.18 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 387.63 | 72.8 % | 261.75 | 112.9 % | 192.28 | 199.0 % |
| Q2 2024 | 353.47 | 31.5 % | 218.19 | 29.0 % | 145.67 | 44.8 % |
| Q3 2024 | 359.14 | 20.6 % | 212.21 | 24.3 % | 123.60 | 27.4 % |
| Q4 2024 | 346.33 | 22.8 % | 219.65 | 52.5 % | 104.59 | 57.3 % |
| 2024 | 1,446.56 | 34.8 % | 911.80 | 50.3 % | 566.13 | 72.4 % |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 60.32 % | 42.97 % | 40.51 % |
| Q2 2024 | 60.17 % | 43.98 % | 42.35 % |
| Q3 2024 | 60.49 % | 44.16 % | 43.22 % |
| Q4 2024 | 63.03 % | 44.74 % | 42.99 % |
| 2024 | 63.03 % | 44.74 % | 42.99 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 120.00 | 4.17 | 4.17 | 27.72 |
| Q2 2024 | 120.00 | 4.66 | 4.66 | 26.94 |
| Q3 2024 | 120.00 | 4.98 | 4.98 | 28.07 |
| Q4 2024 | 120.00 | 5.18 | 5.18 | 29.10 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 64.27 | 64.27 | 9.67 |
| Q2 2024 | 52.68 | 52.68 | 9.12 |
| Q3 2024 | 45.55 | 45.55 | 8.08 |
| Q4 2024 | 41.84 | 41.84 | 7.45 |
Business Segments (Million)
Q4 2024
| Period | Post Trade | Capital Markets | Data and technology services |
|---|---|---|---|
| Q1 2024 | 207.05 | 133.54 | 47.04 |
| Q2 2024 | 194.98 | 108.48 | 50.01 |
| Q3 2024 | 189.63 | 112.16 | 57.35 |
| Q4 2024 | 174.05 | 107.11 | 65.20 |
Analysts Estimates (Million)
| Item | Q4 2024 (e) | Q4 2024 (a) | Change |
|---|---|---|---|
| Average | 116.75 | 116.14 | (0.5 %) |
Estimates vs Actual (Million)
| Item | Q4 2024 (e) | Q4 2024 (a) | Change |
|---|---|---|---|
| SNB Capital | 121.00 | 116.14 | (4.0) % |
| Goldman Sachs | 108.00 | 116.14 | 7.5 % |
| GIB Capital | 105.00 | 116.14 | 10.6 % |
| Al Rajhi Capital | 133.00 | 116.14 | (12.7) % |
| Current | |
| Market Cap (M Riyal) | 24,288.00 |
| Enterprise Value (EV) (M) | 21,691.18 |
| Shares Outstanding ((M)) | 120.00 |
| EPS ( Riyal) (TTM) | 5.18 |
| Book Value (BV) ( Riyal) | 29.10 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 39.06 |
| P/E (TTM) | 39.06 |
| Price/book | 6.96 |
| Return on Average Assets (%) (TTM) | 7.4 |
| Return on Average Equity (%) (TTM) | 11.1 |
Share Price
Saudi Tadawul Group Holding Co. (TADAWUL GROUP)
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