Saudi Gazette report

RIYADH — The Saudi Tadawul Group has reported a 23 percent drop in profits in the first half of 2022, compared to the same period last year.

The Saudi Tadawul Group Holding Co. said it recorded a profit of SR278.3 million by the end of the first half of 2022, compared to SR362 million during the same period in 2021.

Tadawul attributed to the decline in profits to several factors, including a decrease of 8.3 percent in operating revenues on an annual basis, which was due to the return of normal trading activities after a 21.9 percent decline.

Additionally, the operating expenses increased by 9.8 percent year on year due to higher salary costs.

The group’s total profit decreased by 14.5 percent on an annual basis to reach SR403.0 million in the first half of 2022, Tadawul said, adding that in the first half of last year it reached SR471.3 million.

The decrease in the total profit of the group came due to a decrease in the operating income compared to the growth in the operating expenses.

Tadawul’s financial results of the Q2 of 2022 showed a drop in the company's profit to SR137.7 million, which is 24 percent less compared to the same period during 2021 when it was SR181 million.