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Mon 1 Jul 2019 01:45 PM

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Saudi Arabia's Tadawul posts profits rise to $75.9m

Profits rise follows upgrading of Saudi Stock Exchange to emerging market status and was included on three global index providers

Saudi Arabia's Tadawul posts profits rise to $75.9m

The Saudi Stock Exchange’s (Tadawul) gross profits rose 14 percent to SR285 million ($75.98 million) in 2018, the exchange said in its annual report.

Additionally, operating revenue rose 6.9 percent to SR583 million, while operating profits went up 29.2 percent.

The Tadawul All Shares Index (TASI) went up 8.3 percent for the year.

In 2018, Tadawul has been upgraded to emerging market status and to be included in three global index providers: MSCI, FTSE Russell and S&P Dow Jones.

The report noted that the number of qualified foreign investors rose from approximately 100 at the start of the year to nearly 500 at the end, an increase of 400 percent.

Total market capitalisation of Tadawul grew 10 percent in 2018, bolstered by an additional 12 new listings, increasing the total number of listed companies to 190.

Additionally, Tadawul also announced the establishment of a securities clearing center company (Muqassa) and the launch of the MSCI Tadawul 30 (MT30) Index, which Tadawul believes will pave the way for the introduction of derivatives.

In 2018, Tadawul embarked on a new five year strategic plan built on seven separate pillars, which includes the introduction of a wider pool of products and markets, in addition to developing market infrastructure and enhancing its effectiveness and information.

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