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Tue 14 Apr 2015 06:59 PM

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Saudi stock market says 2014 net profit up 74%

Company's bottom line of more than $70m is boosted by higher income from trading

Saudi stock market says 2014 net profit up 74%

Saudi Arabia's Tadawul stock market reported a 74 percent jump in net profit in 2014, aided by higher income from trading, it said in a statement on Tuesday.

The company made a net profit of 265 million riyals ($70.7 million) in 2014, according to a statement posted on the bourse website.

Revenue generated by the bourse rose 41 percent to 487 million riyals in 2014, aided by an increase in the value of shares traded -- the average daily value of trading volumes rose to 8.6 billion riyals from 5.5 billion riyals in 2013, it said.

Last year, the Tadawul's chief executive said the company was looking to go public, without giving a timeframe for the initial share sale.

Saudi Arabia's Capital Market Authority has announced it will open the stock market to direct investment by foreign institutions in the first half of this year.

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