Saudi Tadawul posts 17.4% jump in 2021 profit amid buoyant market

Saudi girl walks on the Saudi inventory market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020. REUTERS/Ahmed Yosri/File Photograph

DUBAI, March 6 (Reuters) – Saudi Tadawul Group (1111.SE), the bourse’s proprietor and operator, posted a 17.4% rise in full-year web revenue in 2021, fuelled by the sturdy efficiency of the Saudi capital market final yr.

Tadawul, which listed in December final yr, reported a web revenue of 587.7 million riyals ($156.64 million) for the interval ended December, up from 500.52 million riyals a yr earlier.

Working income elevated by 8.01% from a yr earlier pushed by strong development in buying and selling providers, put up commerce providers, and itemizing charges, Tadawul mentioned.

Saudi Arabia has witnessed a surge of IPOs because it listed oil large Saudi Aramco (2222.SE) in a file $29.4 billion itemizing in 2019.

The benchmark index (.TASI) gained almost 30% in 2021 and is up 13% year-to-date.

Khalid al-Hussan, chief govt of Saudi Tadawul Group mentioned in a press release new listings helped increase common each day traded worth by 7.5% in 2021.

There have been a file 15 IPOs in 2021 bringing the full issuers on the Saudi Trade to 210 on the finish of December – 9 on predominant market and 6 on parallel market NOMU.

In December Tadawul mentioned it had obtained 50 purposes for IPOs this yr and was contemplating whether or not to permit blank-cheque corporations, often called SPACs, to listing.($1 = 3.7518 riyals)

Reporting by Saeed Azhar; Enhancing by Kim Coghill

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