Saudi Tadawul Group's revenue growth across all business divisions drove third-quarter profit on a yearly basis; however, earnings were down from the previous three months. The net profit for the quarter ended September 30 reached 140.4 million Saudi riyals, or 1.17 riyals per share, which is an increase from 102.3 million riyals, or 0.85 riyal per share, in the corresponding period a year ago.
The Saudi Exchange parent attributed the remarkable 37.2% uptick in profit to a significant increase in revenue, which rose to 359.1 million riyals from 297.7 million riyals year over year. The group's capital markets business was particularly strong, delivering 22.5% more revenue, amounting to 112.2 million riyals.
Additionally, post-trade services revenues climbed by 21.6% to reach 189.6 million riyals, fueled by a notable 17.4% rise in trading values. Moreover, the demand for co-location services and contributions from the Direct Financial Network Company drove revenues in the data and technology services segment up by 14.1%, reaching 57.4 million riyals. Offsetting the 20.6% incline in revenue was a 17.3% increase in operating expenditures, which totaled 235.5 million riyals.
This increase was primarily led by a rise in headcount and associated employment costs. In the first nine months of 2024, net profit surged impressively to 505.7 million riyals, up from 298.3 million riyals, while revenue rose to an impressive 1.1 billion riyals from 790.7 million riyals, due to a group-wide increase in services.
Despite these positive figures, the kingdom's primary provider of securities trading, clearing, and settlement services saw a decline of about 1% in recent trade. This mixed performance underscores the challenges the company faces despite its strong revenue growth and profit increase..