Saudi bourse’s quarterly profit falls on lower trading services, listing fees -Breaking

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Saudi bourse's quarterly profit falls on lower trading services, listing fees© Reuters. FILE PHOTO A Saudi woman poses at the Saudi Stock Market (Tadawul) in Riyadh Saudi Arabia, March 9, 2020. REUTERS/Ahmed Yosri//File photo

DUBAI, Reuters – Saudi Tadawul Group (the kingdom’s stock market operator) reported a 21.7% decrease in its first quarter net profit Sunday due to a slowdown of trading services and listing fee fees.

A bourse filing showed that the net profit before tax and zakat was 140.6 million rupees ($37.48 millions) during the three-month period ending March 31. That’s a decrease of 179.6million riyals for the same period last fiscal year.

Tadawul, which was oversubscribed 121 times, went public on December 1st. It raised 3.78 Billion riyals in investors’ money.

Saudi Arabia’s stock market is one of the most important in Arab countries. Nearly $3.2 trillion is the market capitalization for its listed businesses.

($1 = 3.7509 riyals)