Tadawul Group bottom line slides 42% on softer trading as Solutions holds steady

Quieter trading pulls Saudi Tadawul Group’s 3Q lower

Tadawul Group’s net income fell 41.8% y-o-y to SAR 48.1 mn in 3Q 2026, with the group flagging softer market activity that cut trading-linked income as the culprit, according to a filing on its own exchange. Revenue fell 8.1% y-o-y to SAR 292.2 mn, on a 12.5% drop in the capital-market segment and a 7.2% fall in post-trade services.

Behind the numbers: The exchange operator’s earnings track how busily the market trades, and trading cooled. The two trading-linked segments fell together, pulling trading-linked revenue down 14.6% y-o-y, while higher depreciation and amortization, the main driver of a 3.1% rise in operating expenses, deepened the hit to the bottom line.

The 9M read is much the same: Net income fell 34.6% y-o-y to SAR 195.8 mn in 9M 2026, and revenue also dropped 5.8% to SAR 909.3 mn, as an 11.1% drop in the average daily traded value weighed on trading-related income. Capital-market revenue fell 13.4% y-o-y to SAR 249.7 mn, with trading revenue down 14.4% and listing revenue 14.3%, partly offset by a 23.9% rise in membership fees. Data and technology services was the one line moving up, growing 5.8% as the group pushes to lessen its reliance on trading cycles, though not enough to offset the capital-market decline and a 5.7% fall in post-trade.

Solutions holds income steady while revenue grows

Solutions saw net income hold flat y-o-y at SAR 417 mn in 3Q 2026, according to a Tadawul filing, as a one-off SAR 30 mn early-retirement charge absorbed otherwise solid revenue growth. Stripping out that charge, net income would have grown around 5%, the company said. Revenue rose 9.6% to SAR 3.4 bn, on a 20% jump in Core ICT Services and 4.9% growth in digital services.

Over nine months net income edged up 1.4% y-o-y to SAR 1.24 bn on revenue of SAR 9.64 bn, up 9.2% y-o-y, led by Core ICT Services (up 19.8%).