|17 February, 2020

Brokerages companies profits in Saudi Arabia surge 25.5% in Q4

On a quarterly basis, net profits jumped by 163.2%

Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

REUTERS/Ahmed Yosri

Riyadh – Brokerage companies, licensed by the Saudi Capital Market Authority (CMA), have recorded a growth in earnings during the fourth quarter (Q4) of 2019 by 25.5% year-on-year (YoY) to SAR 780.93 million.

On a quarterly basis, net profits jumped by 163.2%, compared with SAR 296.7 million in Q3-19.

In Q4-19, revenues soared to its level in nine quarters at SAR 1.97 billion, surging by 18.2% YoY.

Brokerages achieved a total of SAR 2.09 billion in profits last year, compared with SAR 1.89 billion in 2018, increasing by 11.09% YoY.

It is worth noting that Q4-19 witnessed the initial public offering (IPO) of Saudi Aramco, the largest in history.

The number of licensed brokers increased to 93, compared with 87 by the end of 2019.

Operating income went up by 21.2% and amounted to SAR 2.01 billion, compared with SAR 1.66 billion for the same period in the year before.

Traded values, carried out by brokers, rose by 7.6% to SAR 483.5 billion in Q4-19, with the number of portfolios reaching 1,662 by the end of last year, compared with 1,287 by the end of 2018.

Source: Mubasher Exclusive

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