Saudi Tadawul Group reports 24 pct drop in profit

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Saudi Tadawul Group, the bourse’s owner and operator, on Sunday reported an almost 24 percent decline in second-quarter profit as expenses, including salaries, rose.

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Net profit in the quarter ended June 30 fell to 137.7 million riyals ($36.68 million) from a 181.1 million riyals in the year-earlier period.

The group said operating expenditures increased 16.6 percent year on year to 160.6 million riyals in the quarter mainly because of an increase in salaries and related benefits.

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