Saudi Stock Market Tadawul's Value Surges 40% in 2024

Saudi Arabia's stock market, Tadawul, has been recognized as one of the fastest-growing capital markets globally in 2024. The total market value of the top ten listed companies on the exchange reached 2.1 trillion dollars as of April 25, 2024, with a combined net profit of 133.9 billion dollars for the year. This significant growth is attributed to a doubling in the number of listed stocks, reaching 55, and a 40% increase in market liquidity compared to the previous year.

The top ten companies by market value span key industries in Saudi Arabia, including energy, banking, telecommunications, industry, and utilities. The banking sector is particularly dominant, occupying five spots on the list with a combined asset value of 854.7 billion dollars. The companies, in order of market value, are Saudi Aramco, Saudi National Bank, Al Rajhi Bank, stc Group, Saudi Basic Industries Corporation (SABIC), Saudi Electricity Company, Riyadh Bank, Saudi Awwal Bank, Saudi Mining Company (Maaden), and Alinma Bank.

Saudi Aramco leads the list with a market value of 1.7 trillion dollars, solidifying its position as the global leader in the energy sector. The company reported revenues of 480.4 billion dollars and a net income of 106.2 billion dollars for the year. In May 2024, Saudi Aramco announced a collaboration with Sinopec to launch a major petrochemical expansion project in the Yanbu Industrial City on the Saudi west coast. This project aims to create a world-class petrochemical industrial cluster, including facilities for mixed feed steam cracking and aromatics integration.

Saudi Arabia's major banks have shown strong performance in 2024, with both scale and profits continuing to grow. Saudi National Bank remains the largest lending institution in the kingdom, with assets totaling 294.4 billion dollars. Following closely is Al Rajhi Bank, which has expanded its digital finance capabilities by acquiring a majority stake in a local fintech application. The bank reported assets of 259.8 billion dollars and a profit of 5.3 billion dollars, marking an 8.7% increase from the previous year. Other banks on the list also reported profit growth.

The remaining companies include stc Group, which operates telecommunications services in the Middle East, SABIC, a global leader in the chemical industry, Maaden, a top mining company in the Middle East, and Saudi Electricity Company, one of Saudi Arabia's most important power enterprises.