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Business, Economy, Markets

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Combined profit of capital market institutions in Saudi Arabia falls

The number of investment funds rose to 1,209 by the end of the three-month period, the highest on record.
By Hilal Mir
June 19, 2023 6:25 pm
  • The combined profit of capital market institutions in KSA was S$381 million in Q1 2022.
  • Revenues fell 2 percent to US$730 million in Q1 2023 from $744 million in Q1 2022.

RIYADH, SAUDI ARABIA –  The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million (SAR 1.15 billion) in Q1 2023, from US$381 million (SAR 1.43 billion) in the same period last year, the Capital Market Authority (CMA) said in a recent report.

Revenues fell 2 percent to US$730 million (SAR2.74 billion) during the first quarter of this year, from US$744 million (SAR 2.79 billion) in Q1 2022. Operating income also fell by 15 percent year-on-year (YoY) in Q1 2023.

Revenues from dealings fell 41 percent to US$116 million (SAR437.6 million) in Q1 2023, compared to nearly US$196 million (SAR 735.5 million) a year earlier.

Meanwhile, asset management revenues declined 6 percent YoY to US$235 million (SAR884.5 million) in Q1 2023.

The aggregate balance sheet of capital market institutions showed that combined assets grew by 18 percent to nearly US$15 billion (SAR57 billion), compared to US$13 billion (SAR48.4 billion) in Q1 2022.

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