Written by 09:21 News, Saudi Arabia

Capital Market Companies in Saudi Arabia Report Operating Revenue Growth of 27% to $1.1 Billion: CMA

Capital Market Companies in Saudi Arabia Report Operating Revenue Growth of 27% to $1.1 Billion: CMA

RIYADH: In the second quarter of 2024, operating income from Saudi Arabia’s capital market institutions increased by 27% annually to SR4.1 billion ($1.1 billion).

According to data released by the Kingdom’s Capital Market Authority, asset management was the top performer. It contributed the biggest revenue share, 31%, totalling SR1.28 billion, a 22 percent increase over the same period last year.

Following closely, investments accounted for 30% of income at SR1.21 billion, a 15% decrease from the year before. Third place went to dealing activities, which brought in SR603.67 million, or 15% of the total and a 22% increase over the previous year. In the meantime, revenue from investment banking shot up 66% to SR406.18 million, or 10% of total income.

After deducting zakat, taxes, and all other costs, the combined net profit was SR2.05 billion, a 3 percent decrease from SR2.13 billion in the same quarter the previous year.

This decline was primarily driven by a rise in non-operating expenses, significantly impacting the bottom line.

With SR900.35 billion, the Saudi market led in trading, accounting for 94% of the total value traded by institutions in the local capital market.

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