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.