Saudi Tadawul Group Holding Co. (Tadawul Group) reported a net profit after Zakat and tax of SAR 367.4 million for the first nine months of 2022, a fall of 23% from SAR 477.2 million in the year-earlier period, as operating revenue decreased by 6.5% year-on-year (YoY) to SAR 849.2 million.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 908.54 | 857.33 | (5.6 %) |
| Gross Income | 649.77 | 568.66 | (12.5 %) |
| Operating Income | 503.01 | 392.12 | (22.0 %) |
| Net Income | 477.23 | 367.42 | (23.0 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 3.98 | 3.06 | (23.0 %) |
Operating expenses (OPEX) increased by 14.7% YoY to SAR 465.2 million in the nine-month period. Earnings before interest, tax, depreciation and amortization (EBITDA) declined by 21.6% YoY to SAR 428.7 million. Gross profit dropped 15.5% YoY to SAR 548.9 million.
The third-quarter net profit after Zakat and tax fell by 23% to SAR 89.1 million from SAR 115.19 million in Q3 2021, as operating revenue went down 2.1% YoY to SAR 257.2 million. OPEX increased 25% YoY to SAR 165.5 million. EBITDA dropped 27.1% on an annual basis to reach SAR 106 million. Gross profit also levelled down 18.3% YoY to SAR 145.9 million.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 262.64 | 263.72 | 0.4 % |
| Gross Income | 178.48 | 160.53 | (10.1 %) |
| Operating Income | 130.30 | 98.27 | (24.6 %) |
| Net Income | 115.19 | 89.12 | (22.6 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.96 | 0.74 | (22.6 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 299.66 | 263.72 | (12.0 %) |
| Gross Income | 199.29 | 160.53 | (19.5 %) |
| Operating Income | 139.83 | 98.27 | (29.7 %) |
| Net Income | 137.67 | 89.12 | (35.3 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 1.15 | 0.74 | (35.3 %) |
Compared to the previous quarter, net profit dipped 35.3% from SAR 137.67 million.
Shareholders’ equity, after minority interest, stood at SAR 3.099 billion as of Sept. 30, 2022, compared to SAR 2.991 billion a year earlier.
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