DUBAI: Saudi Tadawul Group, the bourse's owner and operator, posted a 17.4% rise in full-year net profit in 2021, fuelled by the strong performance of the Saudi capital market last year.

Tadawul, which listed in December last year, reported a net profit of 587.7 million riyals ($156.64 million) for the period ended December, up from 500.52 million riyals a year earlier.

Operating revenue increased by 8.01% from a year earlier driven by solid growth in trading services, post trade services, and listing fees, Tadawul said.

Saudi Arabia has witnessed a surge of IPOs since it listed oil giant Saudi Aramco in a record $29.4 billion listing in 2019.

The benchmark index gained nearly 30% in 2021 and is up 13% year-to-date.

Khalid al-Hussan, chief executive of Saudi Tadawul Group said in a statement new listings helped boost average daily traded value by 7.5% in 2021.

There were a record 15 IPOs in 2021 bringing the total issuers on the Saudi Exchange to 210 at the end of December - nine on main market and six on parallel market NOMU.

In December Tadawul said it had received 50 applications for IPOs this year and was considering whether to allow blank-cheque companies, known as SPACs, to list.