Tadawul Group’s 9M net profit up 70% to SAR 505.7M; Q3 at SAR 140.4M

20/10/2024 Argaam Exclusive

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Saudi Tadawul Group Holding Co. reported a net profit of SAR 505.7 million in the first nine months of 2024, a 70% surge compared to SAR 298.3 million in a year earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	790.72	1,100.23	39.1 %
Gross Income	462.78	692.15	49.6 %
Operating Income	261.84	461.54	76.3 %
Net Income	298.29	505.70	69.5 %
Average Shares	120.00	120.00	-
EPS (Riyals)	2.49	4.21	69.5 %

This was spurred by a 39.1% increase year-on-year (YoY) in operating revenue to SAR 1.1 billion in the first nine months of 2024, gross profit rose 49.6% YoY to SAR 692.1 million, and operating profit jumped 76.3% YoY to SAR 461.5 million.

Meanwhile, operating expenditure rose 20.8% YoY to SAR 638.7 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	297.72	359.14	20.6 %
Gross Income	170.74	212.21	24.3 %
Operating Income	97.00	123.60	27.4 %
Net Income	102.28	140.35	37.2 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.85	1.17	37.2 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	353.47	359.14	1.6 %
Gross Income	218.19	212.21	(2.7 %)
Operating Income	145.67	123.60	(15.2 %)
Net Income	163.83	140.35	(14.3 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.37	1.17	(14.3 %)

Q3 2024 net earnings jumped 37% YoY to SAR 140.4 million from SAR 102.28 million, as operating revenue increased 20.6% YoY to SAR 359.1 million on higher revenue from trading and post-trading services.

Operating expenditure rose 17.3% YoY to SAR 235.5 million, primarily due to the rise in workforce cost.

On a sequential basis, net profit dropped 14.3% from SAR 163.8 million.

Total shareholders’ equity, after minority interest, reached SAR 3.36 billion by Sept. 30, 2024, compared to SAR 3.08 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
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 %)
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
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 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
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
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
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 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 %	42.97 %	40.51 %
Q2 2024	60.17 %	43.98 %	42.35 %
Q3 2024	60.49 %	44.16 %	43.22 %

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 %	38.55 %	34.36 %
Q4 2023	51.08 %	31.03 %	32.54 %
Q1 2024	67.53 %	54.15 %	51.99 %
Q2 2024	61.73 %	47.75 %	46.35 %
Q3 2024	59.09 %	40.16 %	39.08 %

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	24.84
Q3 2023	120.00	2.96	2.79	25.66
Q4 2023	120.00	3.25	3.08	26.31
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

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	26.31

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	7.58
Q3 2023	65.15	69.22	7.52
Q4 2023	57.47	60.72	7.10
Q1 2024	64.27	64.27	9.67
Q2 2024	52.68	52.68	9.12
Q3 2024	45.55	45.55	8.08

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	7.10

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
Q3 2023	155.90	91.57	50.24
Q4 2023	155.16	88.95	37.95
Q1 2024	207.05	133.54	47.04
Q2 2024	194.98	108.48	50.01
Q3 2024	189.63	112.16	57.35

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	Q3 2024 (e)	Q3 2024 (a)	Change‬
Average	153.35	140.35	(8.5 %)

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change
Goldman Sachs	146.40	140.35	(4.1) %
Al Rajhi Capital	148.00	140.35	(5.2) %
GIB Capital	155.00	140.35	(9.5) %
SNB Capital	164.00	140.35	(14.4) %

Financial Ratios

	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

Saudi Tadawul Group Holding Co. (TADAWUL GROUP)

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Tadawul Group’s 9M net profit up 70% to SAR 505.7M; Q3 at SAR 140.4M

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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) 2024 Q3

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’s 9M net profit up 70% to SAR 505.7M; Q3 at SAR 140.4M

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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) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

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)