Saudi bourse's 2020 net profit surged ahead of listing

Tadawul is the ninth largest exchange in the world in terms of market capitalization

  
An investor walks at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia January 18, 2016. Image used for illustrator purpose

An investor walks at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia January 18, 2016. Image used for illustrator purpose

REUTERS/Faisal Al Nasser

DUBAI- Saudi Tadawul Group, the owner and operator of the country's stock market, said its net profit rose 227% in 2020 from a year earlier, while revenue more than doubled with a boost from trading commissions.

It posted a profit after zakat or Islamic tax of 500.5 million riyals ($133.46 million), it said in a statement.

Unlisted Tadawul gave a peak of its earnings ahead of a planned initial public offering later this year that will allow it to expand and strengthen its position globally. 

Saudi Arabia's stock exchange has converted itself into a holding company ahead of the listing.

Tadawul is the ninth largest exchange in the world in terms of market capitalization which stood at around $2.6 trillion, partly boosted by the listing oil giant Saudi Aramco in 2019. ($1 = 3.7501 riyals)

(Reporting by Hadeel Al Sayegh. Editing by Jane Merriman and Elaine Hardcastle) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))


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