Saudi Stock Exchange Revenue Surges Ahead of Planned Listing
(Bloomberg) -- Saudi Arabia’s stock exchange, which is preparing to list later this year, said revenue doubled in 2020 amid a surge in trading.
Operating revenue at Saudi Tadawul Group, the largest stock exchange in the Middle East, jumped 91% to 1.1 billion riyals ($293.3 million) in 2020, driven by a 141% increase in trading commissions.
Riyadh has been the hottest market for IPOs in the Middle East over the past two years, with new offerings oversubscribed, mostly by local retail and institutional investors. An average of $2.2 billion were traded daily on the Saudi exchange index through 2020, up from $938 million the year prior, according to data compiled by Bloomberg.
Tadawul has hired Citigroup Inc., JPMorgan Chase & Co., and NCB Capital as financial advisers and global coordinators for the IPO and changed its corporate structure in preparation.
- Operating costs rise 9% to 356 million riyals
- Gross profit up 203% to 723 million riyals
- Profit after Zakat increased 227% to 500.5 million riyals
- Qualified Foreign Investors up 19% to more than 2,300 by year-end
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