Saudi bourse’s quarterly profit falls on lower trading services and listing fees

© Reuters. FILE PHOTO: Saudi women walk in the Saudi stock market (Tadawul) in Riyadh, Saudi Arabia, March 9, 2020.REUTERS/Ahmed Yosri // File photo

DUBAI (Reuters) – Saudi Tadawul Group, the operator of the country’s stock exchange, reported a 21.7% drop in first-quarter net profit on Sunday due to a slowdown in transaction services and listing fees.

The exchange reported a net profit after tax of 140.6 million riyals ($37.48 million) for the three months ended March 31, down from 179.6 million riyals a year earlier, according to the exchange’s filing.

Tadawul went public in December, raising 3.78 billion riyals from investors, and the listing was 121 times oversubscribed.

The Saudi stock market is the largest in the Arab world. Its public companies have a market capitalization of nearly $3.2 trillion.

(1 USD = 3.7509 Rials)

Source link