Saudi Tadawul Group Holding (1111) Q3 2024 earnings summary

Executive summary

• Achieved robust market expansion and strong performance for the nine months ended 30 September 2024, with significant growth in market capitalization, trading activity, and investor confidence.

• Published inaugural sustainability report, reinforcing commitment to ESG, governance best practices, and sustainable growth.

• Completed strategic investment in Gulf Mercantile Exchange (GME), advancing diversification and regional influence, and acquired a 32.6% stake in DME Holdings Limited.

• Maintained a robust capital position and healthy liquidity, with substantial cash and equivalents and conservative leverage.

• Continued expansion of product offerings, operational progress across subsidiaries, and enhanced international partnerships.

Financial highlights

• Operating revenues rose 39.1% year-over-year to SAR 1,100.2 million for the nine months ended 30 September 2024, up from SAR 790.7 million.

• Net income after Zakat surged 69.5% year-over-year to SAR 505.7 million, with a margin of 46%.

• EBITDA reached SAR 522.9 million, up 65.7% year-over-year, with a margin of 47.5%.

• Earnings per share increased 69.5% year-over-year to SAR 4.21.

• Free cash flow grew 83.0% year-over-year to SAR 437.2 million, with a strong cash conversion rate of 84%.

Outlook and guidance

• Strategic focus on growth, diversification, and positioning as a top-three global stock market, with continued emphasis on sustainability, ESG adoption, and global market connectivity.

• Management expects continued growth in core business segments, supported by recent investments and expansion into new markets.