Sign in
SAUDI TADAWUL GROUP-
Saudi Tadawul Group Holding’s net income increased 37.2% y-o-y to SAR 140.4 mn in 3Q 2024, according to a disclosure. The increase was primarily due to a 20.6% y-o-y rise in operating revenues at SAR 359.1 mn, which offset a 17.3% increase in operating expenditures at SAR 235.5 mn. The rise in operating revenues came on the back of higher trading and post-trade services activity, greater trading values, and an uptick in revenues from non-trading linked services.
9M 2024: The group’s net income rose 69.5% y-o-y to SAR 505.7 mn, while revenues increased 39.1% y-o-y to SAR 1.1 bn.
By the numbers: A total of 36 securities were listed across Tadawul’s main and parallel markets during the first nine months of the year, according to the firm’s 3Q investor bulletin (pdf). The new listings include funds, debt instruments, as well as the first companies to make the transfer from Nomu to Tadawul. The average daily traded value across the main and parallel markets reached SAR 8 bn during the period, with total market cap hitting SAR 10.2 bn. There are now 336 companies listed across both Tadawul and Nomu.
(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)
NADEC-
The National Agricultural Development Company (Nadec) reported a 50.6% y-o-y increase in net income to SAR 113.4 mn in 3Q 2024, driven by reduced selling, marketing, and financial expenses, an impairment reversal, and increased treasury income, it said in a disclosure to Tadawul. Meanwhile, revenues dipped 8.1% y-o-y to SAR 791.1 mn as gains from the new protein segment were offset by declining performance in the dairy and food processing segments.
On a 9M basis: Nadec’s bottom line grew 83.4% y-o-y to SAR 326.6 mn while its topline saw a 1.8% uptick during the period at SAR 2.4 bn. The gains were mainly driven by revenues from the new protein segment despite being partially offset by declines in dairy, food processing, and agricultural sales.
REMEMBER: Nadec held a 14.9% stake in Arabian Mills prior to the company taking a 30% stake to Tadawul in a secondary offering earlier this month. The company raked in SAR 151.1 mn in proceeds from the transaction prior to deducting costs related to the offering, according to our calculations.
SIPCHEM-
Sahara International Petrochemical Company (Sipchem)’s net income dropped 55.7% y-o-y to SAR 103.2 mn in 3Q 2024, it said in a disclosure to Tadawul. The decline came on the back of higher feedstock and raw material costs, lower sales volumes, and lower gains from JVs and associates. Revenues dropped 9.1% y-o-y to SAR 1.6 bn, mainly due to lower sales volumes, which was partly offset by higher prices for some products.
On a 9M basis: Sipchem’s bottom line declined 60% y-o-y to SAR 406.2 mn, driven by lower revenues, rising feedstock, raw material, and distribution costs, and a lower share in gains from investments. Revenue declined 4.6% y-o-y to SAR 5.3 bn due to scheduled maintenance and lower selling costs impacting sales.
