Saudi Stock Market Tadawul Says 2014 Profit Up 74% On Trading Income

Saudi Arabia’s Tadawul stock market reported a 74 per cent 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 SAR265 million ($70.7 million) in 2014, according to a statement posted on the bourse website.

Revenue generated by the bourse rose 41 per cent to SAR487 million in 2014, aided by an increase in the value of shares traded — the average daily value of trading volumes rose to SAR8.6 billion from SAR5.5 billion 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.