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Saudi bourse's 2020 net profit surged ahead of listing

DUBAI, June 24 (Reuters) - Saudi Tadawul Group, the owner and operator of the country’s stock market, said its net profit rose 227% in 2020 from a year earlier, while revenue more than doubled with a boost from trading commissions.

It posted a profit after zakat or Islamic tax of 500.5 million riyals ($133.46 million), it said in a statement.

Unlisted Tadawul gave a peak of its earnings ahead of a planned initial public offering later this year that will allow it to expand and strengthen its position globally.

Saudi Arabia’s stock exchange has converted itself into a holding company ahead of the listing.

Tadawul is the ninth largest exchange in the world in terms of market capitalization which stood at around $2.6 trillion, partly boosted by the listing oil giant Saudi Aramco in 2019. ($1 = 3.7501 riyals) (Reporting by Hadeel Al Sayegh. Editing by Jane Merriman and Elaine Hardcastle)

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