The Saudi Tadawul Group, which owns and operates the local stock market, achieved a 17.4 percent increase in annual net profit for the year 2021 thanks to the strong performance of the Saudi stock market last year.
And Tadawul, whose shares were listed on the stock exchange last December, announced that net profit amounted to 587.7 million riyals ($156.64 million) at the end of last year, up from 500.52 million riyals in the previous year.
Tadawul said operating income increased 8.01 percent thanks to strong growth in trading services, post-trading services and listing fees.
Saudi Arabia has witnessed a significant increase in initial public offerings since the listing of the oil giant Aramco, in an operation that achieved a record proceeds of $29.4 billion in 2019.
The main stock market index increased nearly 30% last year, and it has risen 13% since the beginning of this year.
Khaled Al-Hussan, CEO of Tadawul Group, said in a statement that the new listings contributed to an increase in the daily trading value by 7.5 percent in 2021.
The stock market witnessed a record number of 15 initial public offerings last year, bringing the total number of companies listed in the financial market to 210 companies at the end of December. Of these offerings, nine were in the main market and six in the parallel market.
In December, the Tadawul Group said it had received 50 applications for initial public offerings and was studying the possibility of allowing the listing of special purpose acquisition companies.
(Archyde.com)