Tadawul Group has posted a seventeen percent jump in net profit to $157 million in 2021, according to a bourse filing. Tadawul owns the kingdom’s stock exchange.
There was an 8 percent rise in revenue to SR1.17 billion during the year due to “solid growth in trading services, post-trade services, and listing fees on the back of strong Saudi capital market performance in 2021.”
With strong earnings, the company’s board proposed an annual dividend payout of SR3 per share.
“Through its subsidiaries, Saudi Tadawul Group continued to contribute to developing and diversifying the Saudi capital markets and diversify its instruments, with the new listings reflecting an increase by 7.5 percent in average daily traded value in 2021,” said CEO Khalid Al-Hussan, commenting on the results.
The group, which joined the Saudi Exchange last December, attracted orders worth $1 billion from its initial public offering.
“The group’s successful IPO and listing in December 2021, is a milestone to scale up our integrated and diverse business model and deliver further value for our shareholders,” Al-Hussan noted.