Saudi Tadawul Group Achieves 37% Profit Growth in Q3

Saudi Tadawul Group Holdings announced today a substantial 37% rise in net profits for the third quarter of 2024, reaching 140.4 million riyals, compared to 102.3 million riyals in the same quarter last year.

The group reported that earnings per share increased to 1.17 riyals, a 37.2% improvement from 0.85 riyals in the third quarter of the previous year.

This growth was attributed to a 20% year-on-year rise in operating revenues, which reached 359.1 million riyals in the third quarter of 2024, compared to 297.7 million riyals in the same period last year. However, operating expenses also increased by 17%, amounting to 235.5 million riyals.

Moreover, Saudi Tadawul Group’s net profits for the first nine months of 2024 surged by 70%, totaling 505.7 million riyals, compared to 298.3 million riyals during the same period of the previous year. Earnings per share also saw a significant rise of 69.5%, reaching 4.21 riyals, compared to 2.49 riyals in the same timeframe last year.