The net profit of Saudi Tadawul Group Holding Company (Tadawul Group), the operator of the Saudi bourse, fell by 35% year-on-year to 90.8 million Saudi riyals ($24.21 million) in the first quarter of 2023, on lower revenue and higher expenses.

Operating revenue declined by 28.1% year-on-year to 211.3 million riyals in Q1 2023, driven by lower trading and post-trade revenues.

However, operating expenditures (OPEX) increased 14.5% YoY to 160 million riyals following an increase in salaries and related benefits, higher depreciation and amortization costs.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased 58.7% YoY to 68.9 million riyals.  

Gross profit decreased 47.4% YoY to 109.9 million riyals in Q1 2023 compared to 208.8 million riyals a year earlier due to a fall in the group’s operating revenue compared to operating costs.

In February, the board of Tadawul Group proposed a 23.1% cash dividend (SAR 2.31 per share) for 2022, totalling 277.13 million Saudi riyals ($73.91 million).

The company's 2022 net profit declined 28% year-on-year to 424.6 million Saudi riyals.

(Editing by Seban Scaria