Saudi Tadawul Group Holding (1111) Q2 2025 earnings summary

Executive summary

• Demonstrated market resilience amid global volatility, with institutional and foreign investor confidence remaining strong.

• Achieved significant milestones in H1 2025, including the first ETF tracking Saudi sovereign sukuk and expansion of international presence through forums in Riyadh and Hong Kong.

• Product expansion and diversification continued, including new listings, innovative technology offerings, and the launch of the Capital Management System (CMS) and the official STG App.

• The group completed the acquisition of the remaining 49% stake in Direct Financial Network Company (DFN), making it a wholly owned subsidiary.

• Strategic investments in workforce and technology supported long-term growth, despite short-term financial headwinds.

Financial highlights

• Operating revenues for H1 2025 declined 12.7% year-over-year to SAR 647.1 million ($172.6 million), mainly due to lower trading activity.

• EBITDA dropped 38.1% year-over-year to SAR 234.3 million ($62.5 million), with margin at 36.2%.

• Net income after Zakat fell 40.7% year-over-year to SAR 216.8 million ($57.8 million), with a margin of 33.5%.

• Earnings per share decreased to SAR 1.81 ($0.48), down 40.7% year-over-year.

• Investment income rose 17.5% year-over-year to SAR 84.2 million, driven by higher assets under management.

Outlook and guidance

• Continued focus on revenue diversification, technology-driven growth, and international partnerships.

• Ongoing efforts to enhance market structure, global connectivity, and investor empowerment.

• Management notes that H1 results are not necessarily indicative of full-year performance.