Financial Statements

Our financial strength reflects Saudi Tadawul Group’s disciplined strategy and commitment to sustainable growth. With a solid financial foundation, we continue to create value, optimize performance and drive future expansion.

SAUDI TADAWUL GROUP HOLDING COMPANY (A Saudi Joint Stock Company)
Consolidated Statement of Financial Position
As at 31 December 2024
(Saudi Arabian Riyals)
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Notes 31 December 2024 31 December 2023 (Restated)
ASSETS
Non-current assets
Property and equipment 4 367,403,422 217,792,547
Intangible assets and goodwill 5 422,084,596 377,444,564
Equity accounted investments 6 551,253,325 383,539,746
Right-of-use assets 7 169,012,940 217,360,938
Investments 8 172,392,867 391,088,818
Total non-current assets 1,682,147,150 1,587,226,613
Current assets
Investments 8 1,202,311,545 269,253,058
Accounts receivable 9 98,911,703 94,707,793
Advances, prepayments and other assets 10 162,140,153 136,641,059
Clearing participant financial assets 11 4,409,323,509 3,526,916,817
Time deposits 12 1,234,207,295 -
Cash and cash equivalents 13 352,183,946 2,050,614,074
Total current assets 7,459,078,151 6,078,132,801
Total assets 9,141,225,301 7,665,359,414
EQUITY AND LIABILITIES
Equity
Share capital 1 1,200,000,000 1,200,000,000
Other reserve 17 (145,347,581) (132,872,639)
Retained earnings 2,437,084,746 2,090,363,953
Total equity 3,491,737,165 3,157,491,314
Non-current liabilities
Lease liabilities 15 108,233,697 150,950,630
Employees' end-of-service benefits 16 101,309,489 98,708,089
Non-controlling interest put option 17 187,332,006 175,363,779
Derivative liability 18 44,074,800 -
Borrowings 19 150,066,667 1,145,301
Deferred revenue 23 12,682,832 12,397,613
Total non-current liabilities 603,699,491 438,565,412
Current liabilities
Lease liabilities 15 48,803,277 51,306,125
Borrowings 19 41,815,801 10,342,741
Clearing participant financial liabilities 20 4,382,226,111 3,508,060,041
Accounts payable 21 52,425,296 49,793,406
Balance due to Capital Market Authority (CMA) 22 58,445,702 55,137,969
Deferred revenue 23 44,104,576 30,378,316
Accrued expenses and other current liabilities 24 352,219,121 300,062,492
Zakat provision 25 65,748,761 64,221,598
Total current liabilities 5,045,788,645 4,069,302,688
Total liabilities 5,649,488,136 4,507,868,100
Total equity and liabilities 9,141,225,301 7,665,359,414
The accompanying notes from (1) through (42) form an integral part of these consolidated financial statements.
SAUDI TADAWUL GROUP HOLDING COMPANY (A Saudi Joint Stock Company)

Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the year ended 31 December 2024
(Saudi Arabian Riyals)
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Notes
For the year ended 31 December
2024
2023
Operating revenue 26 1,446,558,786 1,072,780,190
Operating costs 27 (534,762,478) (465,938,351)
Gross profit 911,796,308 606,841,839
General and administrative expenses 28 (342,251,232) (278,906,922)
(Allowance) / reversal for expected credit losses 29 (3,416,079) 390,305
Operating profit 566,128,997 328,325,222
Investment income 30 151,115,912 127,034,102
Share of results of equity accounted investments and reversal of impairment 6 (29,723,438) (17,157,777)
Finance costs 31 (10,743,617) (4,246,034)
Changes in the fair value of a derivative liability 18 1,474,826 -
Other income, net 2,466,702 3,041,049
Non-operating profit 114,590,385 108,671,340
Profit before zakat for the year 680,719,382 436,996,562
Zakat expense 25 (59,833,376) (55,499,811)
Profit for the year 620,886,006 381,496,751
Profit for the year is attributable to:
Ordinary shareholders of the parent company 621,842,981 390,060,733
Non-controlling interests (956,975) (8,563,982)
620,886,006 381,496,751
Other comprehensive income / (loss)
Other comprehensive income / (loss) that will not be reclassified subsequently to the statement of profit or loss:
Actuarial remeasurement of employees' end-of-service benefits 16 1,328,072 (1,803,861)
Other comprehensive income / (loss) for the year 1,328,072 (1,803,861)
Total comprehensive income for the year 622,214,078 379,692,890
Total comprehensive income for the year is attributable to:
Ordinary shareholders of the parent company 622,720,793 387,874,126
Non-controlling interest (506,715) (8,181,236)
622,214,078 379,692,890
Basic and diluted earnings per share attributable to ordinary shareholders of the parent company 32 5.18 3.25
The accompanying notes from (1) through (42) form an integral part of these consolidated financial statements.
SAUDI TADAWUL GROUP HOLDING COMPANY (A Saudi Joint Stock Company)

Consolidated Statement of Changes in Equity

For the year ended 31 December 2024
(Saudi Arabian Riyals)
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Equity attributable to the ordinary shareholders of the parent company
Share
capital 		Statutory
reserve 		Other
reserve 		Retained
earnings 		Sub-total Non-
controlling
interests 		Total
equity
Balance as at 31 December 2023 1,200,000,000 - (161,328,401) 2,090,363,953 3,129,035,552 - 3,129,035,552
Impact of fair value adjustments to net assets of business combination (Note 40) - - 28,455,762 - 28,455,762 - 28,455,762
Balance as at 1 January 2024 (restated) 1,200,000,000 - (132,872,639) 2,090,363,953 3,157,491,314 - 3,157,491,314
Net profit / (loss) for the year - - - 621,842,981 621,842,981 (956,975) 620,886,006
Other comprehensive income for the year - - - 877,812 877,812 450,260 1,328,072
Total other comprehensive income / (loss) for the year - - - 622,720,793 622,720,793 (506,715) 622,214,078
Dividends (Note 39) - - - (276,000,000) (276,000,000) - (276,000,000)
Non-controlling interest put option (Note 17) - - (12,474,942) - (12,474,942) 506,715 (11,968,227)
Balance as at 31 December 2024 1,200,000,000 - (145,347,581) 2,437,084,746 3,491,737,165 - 3,491,737,165
Balance as at 31 December 2022 1,200,000,000 360,000,000 - 1,619,689,827 3,179,689,827 - 3,179,689,827
Acquisition of subsidiary (Note 40) - restated - - - - - 50,672,376 50,672,376
Net profit / (loss) for the year - - - 390,060,733 390,060,733 (8,563,982) 381,496,751
Other comprehensive (loss) / income for the year - - - (2,186,607) (2,186,607) 382,746 (1,803,861)
Total other comprehensive income / (loss) for the year - - - 387,874,126 387,874,126 (8,181,236) 379,692,890
Dividends (Note 39) - - - (277,200,000) (277,200,000) - (277,200,000)
Non-controlling interest put option (Note 17) - restated - - (132,872,639) - (132,872,639) (42,491,140) (175,363,779)
Transfer of statutory reserve (Note 14) - (360,000,000) - 360,000,000 - - -
Balance as at 31 December 2023 (restated) 1,200,000,000 - (132,872,639) 2,090,363,953 3,157,491,314 - 3,157,491,314
The accompanying notes from (1) through (42) form an integral part of these consolidated financial statements.
SAUDI TADAWUL GROUP HOLDING COMPANY (A Saudi Joint Stock Company)

Consolidated Statement of Cash Flows

For the year ended 31 December 2024
(Saudi Arabian Riyals)
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Notes
For the year ended 31 December
2024
2023
Cash flows from operating activities
Profit before zakat for the year 680,719,382 436,996,562
Adjustments to reconcile profit before zakat for the year to net cash generated from operating activities:
Share of results of equity accounted investments and reversal of impairment 6 29,723,438 17,157,777
Provision for employees' end-of-service benefits 16 14,786,185 14,164,932
Changes in the fair value of a derivative liability 18 (1,474,826) -
Depreciation and amortization 27, 28 81,038,285 74,793,037
Allowance / (reversal) for expected credit losses 29 3,416,079 (390,305)
Commission income 26, 30 (175,515,909) (186,940,507)
Realised gain on sale of investments, net 30 (40,167,277) (4,518,981)
Unrealised gain on investments, net 30 (40,495,850) (4,632,741)
Dividend income 30 (2,850,129) (810,036)
Finance costs 6,221,962 170,930
Changes in operating assets and liabilities:
Accounts receivable (7,620,481) (10,970,986)
Advances, prepayments and other assets (19,611,462) (4,693,942)
Accounts payable 2,631,890 14,032,540
Balance due to Capital Market Authority (CMA) 3,307,733 35,762,639
Deferred revenue 14,011,479 (890,391)
Accrued expenses and other current liabilities 52,156,629 26,077,548
Clearing participant financial assets (882,406,692) 533,761,387
Clearing participant financial liabilities 874,166,070 (542,176,587)
Net cash generated from operations 592,036,506 396,892,876
Employees' end-of-service benefits paid 16 (10,856,713) (4,867,289)
Zakat paid (64,193,845) (67,139,038)
Commission income received from SAMA bills and deposits 107,913,253 69,868,165
Net cash flows from operating activities 624,899,201 394,754,714
Cash flows from investing activities
Purchase of investments (1,955,016,859) (559,598,439)
Proceeds from disposal of investments 1,323,892,697 583,381,005
Investments in time deposits with original maturities more than three months (1,234,207,295) -
Commission income received on investment at amortised cost 16,474,580 12,083,010
Dividend income received 263,789 193,153
Commission received on time deposits 51,139,661 105,010,344
Investment in equity accounted investments 6.2, 6.3 (151,887,391) -
Purchase of intangible assets and property and equipment (213,734,516) (141,070,815)
Purchase consideration for acquisition of subsidiary net of cash acquired 40 - (107,638,674)
Net cash flows used in investing activities (2,163,075,334) (107,640,416)
Cash flows from financing activities
Finance cost paid on lease liabilities - (33,832)
Principal repayment of lease liabilities (58,426,459) (68,800,797)
Repayment of borrowings (25,327,536) (9,291,691)
Proceeds from borrowings 199,500,000 -
Dividends paid 39 (276,000,000) (277,200,000)
Net cash flows used in financing activities (160,253,995) (355,326,320)
Net decrease in cash and cash equivalents (1,698,430,128) (68,212,022)
Cash and cash equivalents at beginning of the year 2,050,614,074 2,118,826,096
Cash and cash equivalents at end of the year 13 352,183,946 2,050,614,074
Non-cash transactions:
Additions of right-of-use assets and lease liabilities 7 - 260,457,743
Remeasurement of employees' end-of-service benefits 16 (1,328,072) 1,803,861
Purchase consideration for acquisition of subsidiary net of cash acquired 40 - 4,337,000
Depreciation of right of use assets capitalized 7.1 42,889,408 35,842,464
Finance cost on lease liabilities capitalized 15.1 11,518,116 9,320,191
The accompanying notes from (1) through (42) form an integral part of these consolidated financial statements.