Tadawul Group Q1 2024 profit more than doubles to SAR 201.5M

05/05/2024 Argaam Exclusive

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Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit of SAR 201.5 million in Q1 2024, a more than two-fold increase from SAR 90.8 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	224.29	387.63	72.8 %
Gross Income	122.92	261.75	112.9 %
Operating Income	64.31	192.28	199.0 %
Net Income	90.78	201.52	122.0 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.76	1.68	122.0 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	282.06	387.63	37.4 %
Gross Income	144.06	261.75	81.7 %
Operating Income	66.48	192.28	189.2 %
Net Income	91.77	201.52	119.6 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.76	1.68	119.6 %

The profit surge was propelled by a 72.8% rise year-on-year (YoY) in operating revenue to SAR 387.6 million in Q1 2024 amid increased trading services and post-trade services revenues. In addition, the company reported a 49.5% YoY increase in data and technology services revenues.

Operating expenditure grew 22.1% YoY to SAR 195.4 million due to the consolidation of Direct Financial Network Co.'s financials, effective from May 7, 2023, following the acquisition of a 51% stake. This is in addition to the rise in workforce costs due to an increase in headcount as per the group’s plan, and the increased costs in systems maintenance.

Gross profit also jumped by 112.9% YoY to SAR 261.7 million in Q1 2024.

On a quarterly basis, net earnings more than doubled from SAR 91.7 million.

Shareholders’ equity, no minority interest, reached SAR 3.32 billion by March 31, 2024, compared to SAR 3.27 billion a year ago.

Attached Documents

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	402.67	(17.3 %)	224.81	(30.9 %)	107.33	(59.5 %)	0.89
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	-	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	545.45	-	249.98	-	145.30	-	1.21
Q1 2018	-	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-	-
2018	583.28	6.9 %	284.78	13.9 %	148.19	2.0 %	1.23
Q1 2019	-	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-	-
2019	564.75	(3.2 %)	238.62	(16.2 %)	153.29	3.4 %	1.28
Q1 2020	168.32	-	87.58	-	63.85	-	0.53
Q2 2020	267.10	-	195.80	-	150.11	-	1.25
Q3 2020	262.07	-	168.34	-	132.96	-	1.11
Q4 2020	382.14	-	302.68	-	153.59	-	1.28
2020	1,079.64	91.2 %	754.40	216.2 %	500.52	226.5 %	4.17
Q1 2021	332.37	97.5 %	240.10	174.2 %	179.64	181.3 %	1.50
Q2 2021	313.54	17.4 %	231.19	18.1 %	181.07	20.6 %	1.51
Q3 2021	262.64	0.2 %	178.48	6.0 %	115.19	(13.4 %)	0.96
Q4 2021	257.54	(32.6 %)	184.53	(39.0 %)	110.46	(28.1 %)	0.92
2021	1,166.08	8.0 %	834.29	10.6 %	587.69	17.4 %	4.90
Q1 2022	293.99	(11.5 %)	208.88	(13.0 %)	140.64	(21.7 %)	1.17
Q2 2022	299.66	(4.4 %)	199.29	(13.8 %)	137.67	(24.0 %)	1.15
Q3 2022	263.72	0.4 %	160.53	(10.1 %)	89.12	(22.6 %)	0.74
Q4 2022	232.87	(9.6 %)	133.81	(27.5 %)	57.18	(48.2 %)	0.48
2022	1,090.20	(6.5 %)	702.47	(15.8 %)	424.60	(27.8 %)	3.54
Q1 2023	224.29	(23.7 %)	122.92	(41.2 %)	90.78	(35.4 %)	0.76
Q2 2023	268.71	(10.3 %)	169.13	(15.1 %)	105.23	(23.6 %)	0.88
Q3 2023	297.72	12.9 %	170.74	6.4 %	102.28	14.8 %	0.85
Q4 2023	282.06	21.1 %	144.06	7.7 %	91.77	60.5 %	0.76
2023	1,072.78	(1.6 %)	606.84	(13.6 %)	390.06	(8.1 %)	3.25
Q1 2024	387.63	72.8 %	261.75	112.9 %	201.52	122.0 %	1.68

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	487.01	40.8 %	325.20	70.1 %	265.02	73.9 %	2.21
2015	402.67	(17.3 %)	224.81	(30.9 %)	107.33	(59.5 %)	0.89
2016	-	-	-	-	-	-	-
2017	545.45	-	249.98	-	145.30	-	1.21
2018	583.28	6.9 %	284.78	13.9 %	148.19	2.0 %	1.23
2019	564.75	(3.2 %)	238.62	(16.2 %)	153.29	3.4 %	1.28
2020	1,079.64	91.2 %	754.40	216.2 %	500.52	226.5 %	4.17
2021	1,166.08	8.0 %	834.29	10.6 %	587.69	17.4 %	4.90
2022	1,090.20	(6.5 %)	702.47	(15.8 %)	424.60	(27.8 %)	3.54
2023	1,072.78	(1.6 %)	606.84	(13.6 %)	390.06	(8.1 %)	3.25

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	58.28 %	37.90 %	32.69 %
Q4 2023	56.57 %	37.58 %	34.41 %
2023	56.57 %	37.58 %	34.41 %
Q1 2024	60.32 %	42.96 %	40.51 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	56.57 %	37.58 %	34.41 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	57.35 %	38.53 %	34.36 %
Q4 2023	51.08 %	31.03 %	32.54 %
Q1 2024	67.53 %	54.15 %	51.99 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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	24.41
Q3 2023	120.00	2.96	2.79	25.68
Q4 2023	120.00	3.25	3.08	26.08
Q1 2024	120.00	4.17	4.17	27.72

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	120.00	3.25	3.08	26.08

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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	7.71
Q3 2023	65.15	69.22	7.51
Q4 2023	57.47	60.72	7.16
Q1 2024	64.27	64.27	9.67

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	25.69	25.69	4.88
2022	51.15	51.15	6.83
2023	57.47	60.72	7.16

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
Q3 2023	135.55	91.57	50.24
Q1 2024	207.05	133.54	47.04

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
2023	572.86	335.45	164.47

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	162.05	201.52	24.36 %

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
Goldman Sachs	169.20	201.52	19.1 %
GIB Capital	167.00	201.52	20.7 %
SNB Capital	166.00	201.52	21.4 %
Al Rajhi Capital	146.00	201.52	38.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	27,720.00
Enterprise Value (EV) (M)	25,012.17
Shares Outstanding ((M))	120.00
EPS ( Riyal) (TTM)	4.17
Book Value (BV) ( Riyal)	27.72
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	8.33
Return on Average Assets (%) (TTM)	5.8
Return on Average Equity (%) (TTM)	15.2

Saudi Tadawul Group Holding Co. (TADAWUL GROUP)

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Tadawul Group Q1 2024 profit more than doubles to SAR 201.5M

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (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) 2024 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 Q1 2024 profit more than doubles to SAR 201.5M

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 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)