Saudi Tadawul Group Holding (1111) Q2 2024 earnings summary

Executive summary

• Achieved robust growth in H1 2024, with operating revenues up 50.3% year-over-year to SAR 741.1 million and net income after zakat rising 86.4% to SAR 365.4 million, reflecting strong market activity, diversification, and resilience strategies.

• Market capitalization reached SAR 2,696.3 billion, with a 7.81% year-over-year increase, and capital raised through IPOs surged 145.64% year-over-year to SAR 8.1 billion.

• Strategic acquisition of a 32.6% stake in Dubai Mercantile Exchange (DME), positioning as a joint largest shareholder and expanding into commodities.

• Hosted the inaugural international Saudi Capital Markets Forum in Hong Kong, strengthening global partnerships.

• Enhanced data and technology segment through innovative initiatives and data center co-location services.

Financial highlights

• Operating revenues grew 50.3% year-over-year to SAR 741.1 million in H1 2024.

• Net income after zakat increased 86.4% year-over-year to SAR 365.4 million, with a margin of 49%.

• EBITDA rose 88.5% year-over-year to SAR 378.7 million, with a margin of 51.1%.

• Gross profit for H1 2024 was SAR 479.9 million, up from SAR 292.0 million in H1 2023.

• Earnings per share reached SAR 3.04, up 86.4% year-over-year.

Outlook and guidance

• Strategic focus on growth, diversification, and positioning as a global capital market leader, aiming to be among the top three largest stock markets globally.

• Continued emphasis on expanding product offerings, international partnerships, sustainability, and innovation in data and technology.