Saudi Tadawul Group, the recently formed holding company which operates the kingdom's bourse, posted a 227 per cent rise in net profit in 2020 as trading activity picked up.
The group's net profit for the year after Zakat reached 500.5 million Saudi riyals ($133.46m), the company said in a statement on Thursday. Profit for the year before Zakat increased by 281 per cent to 584 million riyals.
Revenue rose by more than 91 per cent to touch 1.1 billion riyals last year, boosted by a 141 per cent growth in trading commissions.
"The Exchange delivered a commendable performance during 2020, despite the adverse conditions local and global markets faced," said Khalid Al-Hussan, chief executive of Saudi Tadawul Group.
"It has proven tenacious and resilient, as it recorded an impressive and strong financial performance over the past year."
Tadawul, which is the ninth largest exchange in the world with a market capitalisation of $2.6 trillion, will become only the third publicly-traded regional stock exchange after the Dubai Financial Market and Boursa Kuwait.
Saudi Tadawul Group has four wholly-owned subsidiaries including the Saudi Exchange, the Securities Clearing Centre Company (Muqassa), the Securities Depository Centre Company (Edaa) and Wamid – a new technology services business.
The group also reported a 203 per cent rise in gross profit, which reached 723 million riyals last year.
The number of qualified foreign investors increased from 1,939 in January 2020 to over 2,300 at the end of the year, a rise of approximately 18.6 per cent.
The company's operating costs rose nine per cent to reach 356 million riyals while general and administrative expenses decreased by approximately eight per cent to 180 million riyals.
Saudi Tadawul Group is also on track to list on the kingdom's main market later this year. Earlier this year, the company said it appointed NCB Capital, JP Morgan and Citigroup to advise on its initial public offering.
"The IPO will provide an important strategic dimension to realise the group’s expansion plans, strengthen its position globally and align its growth objectives with the Public Investment Fund’s strategy to boost the economic transformation of Saudi Arabia," the company said in a statement at the time.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
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Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
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Mohammed bin Zayed Majlis
Bio
Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind.
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.
WISH
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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