TASI's performance 20 years after February peak

20 years since February peak, look at TASI performance, stocks, multiples

Investors follow up on TASI performance over 20 years

February 25 marks the 20th anniversary of the Saudi market’s all-time high, when the Tadawul All Share Index (TASI) hit 20,967 points on Feb. 25, 2006, before closing the session at 20,635 points.

On Feb. 25, 2026, TASI closed at 10,848 points, retreating 47% compared to its high record 20 years ago.

Over this period, the Saudi market experienced several changes, including the introduction of various regulations and the listing of multiple companies and funds, in addition to the launch of Nomu-Parallel Market, among other measures.

TASI Closing
Feb. 25, 2006	Feb. 25, 2026	Change (pts)	Change (%)
20,635	10,848	(9787)	(47%)

After the index hit a record high of 20,635 points in 2006, the market went through a period of correction, falling 59% in 2007 and 56% in 2009—two of the biggest declines in the index's history.

Since then, the index has experienced intermittent recoveries, notably in 2010 (+42%), 2014 (+29%), and 2022 (+34%), before reaching 12,605 points in 2024.

In recent years, the index fell 2% in 2025 and 12% in 2026, closing at 10,848 points. In contrast to the pre-2006 era, the two-decade trajectory exhibits distinct cycles of ups and downs as well as structural changes in its constituent parts and market depth.

TASI Closing on Feb. 25 Since 2006
Year	Close (pts)	Change (%)
2006	20635	+133%
2007	8443	(59%)
2008	10211	+21%
2009	4542	(56%)
2010*	6466	+42%
2011**	6264	(3%)
2012	7120	+20%
2013	7042	(1%)
2014	9062	+29%
2015	9320	+3%
2016	5976	(36%)
2017**	7046	+18%
2018	7494	+6%
2019	8433	+13%
2020	7758	(8%)
2021	9195	+19%
2022**	12298	+34%
2023**	10153	(17%)
2024	12605	+24%
2025	12301	(2%)
2026	10848	(12%)

*Close of Feb. 24 (Feb. 25 was a holiday)

**Close of Feb. 23 (Feb. 25 was a holiday)

Market Highs Over Years

The index reached its all-time high of 20,967 points on February 25, 2006, a level that has yet to be surpassed.

After that, the market experienced significantly lower annual peaks between 2007 and 2011 before beginning a gradual recovery.

Over the past decade, annual peaks have gradually risen, reaching 13,949 points in May 2022, the highest level since 2006, before declining in 2023 and 2025.

Highest Levels Since 2026
Year	Date	Level (Point)
2006	Feb. 25	20967
2007	Dec. 24	11871
2008	Jan. 13	11965
2009	Oct. 25	6579
2010	May 4	6939
2011	Jan. 17	6795
2012	April 2	7944
2013	Dec. 24	8578
2014	Sept. 9	11160
2015	April 30	9897
2016	Dec. 28	7279
2017	July 2	7586
2018	July 23	8503
2019	May 2	9403
2020	Dec. 17	8766
2021	Oct. 24	11955
2022	May 9	13949
2023	Dec. 31	11982
2024	March 24	12883
2025	Jan. 29	12536
2026*	Jan. 6	10281

*Since year-start until Feb. 25

The number of listed companies in the Saudi market is now 268 (including REITs but excluding Nomu-listed firms), compared to 77 on Feb. 25, 2006.

Over the past 20 years, several companies were listed, while some were merged or delisted, bringing the total number of listed companies to 268.

During this period, Saudi Aramco was listed in the largest-ever IPO on the Saudi market. The company's current market value stands at SAR 6.2 trillion.

Number of Listed Companies
Period	Feb. 25, 2006**	Feb. 25, 2026*	Change (Company)
Number of Companies	77	268	+191

*Including companies and REITs on TASI

**Including all companies listed at that time

On Feb. 25, 2026, traded value reached SAR 3.8 billion, with 167.2 million shares traded through 378,200 transactions.

Compared to Feb. 25, 2006, traded value dropped 90%, while the number of transactions declined by 27%. In addition, trading volume was down 49% over the period.

Daily Trading Average
Period	Feb. 25, 2006	Feb. 25, 2026	Change
Value (SAR bln)	39.9	3.8	(90%)
Traded Volume (mln shares)	326.3	167.2	(49%)
No. of Transactions (‘000)	518.0	378.2	(27%)

In 2025 and 2026, the volume of traded shares declined to 219 million and 167 million, respectively, with a relative decrease in the number of transactions compared to the peak in 2021–2022.

Trading Volumes & No. of Transactions on Feb. 25 since 2006
Period	Adjusted Volume (mln shares)	Transactions (‘000)
2006	326.3	518.0
2007	2147.9	375.7
2008	568.0	219.9
2009	456.7	144.1
2010*	200.1	70.3
2011**	809.0	81.2
2012	926.7	229.3
2013	399.1	129.3
2014	418.2	181.1
2015	468.7	110.6
2016	412.6	121.0
2017**	246.6	103.5
2018	315.7	97.0
2019	139.5	88.6
2020	313.6	178.2
2021	928.7	486.0
2022*	876.5	495.6
2023**	233.9	301.7
2024	385.4	432.5
2025	219.5	421.8
2026	167.2	378.2

*Close of Feb. 24 (Feb. 25 was a holiday)

**Close of Feb. 23 (Feb. 25 was a holiday)

On Feb. 25, 2026, only six companies rose, while 66 others declined.

Jarir was the top gainer, soaring 189%, followed by Tawuniya (100%). SADAFCO and Almarai leapt 76% and 53%, respectively. In addition, Al Rajhi Bank and Saudi Chemical Co. also rose 11% and 3%, respectively.

Top Gainers
Company	Feb. 25, 2006*	Feb. 25, 2026	Change %
Jarir	4.88	14.10	+189%
Tawuniya	69.31	138.30	+100%
SADAFCO	111.60	196.30	+76%
Almarai	26.42	40.54	+53%
Al Rajhi	92.67	102.40	+11%
Saudi Chemical	7.29	7.50	+3%

*Capital changes were taken into account.

SABIC AN led the least declining stocks at 9%, followed by SASCO shedding 17%. Bahri and ANB came next falling 19% each.

Stocks with Smallest Declines
Company	Feb. 25, 2006*	Feb. 25, 2026	Change %
SABIC AN	138.91	127.00	(9%)
SASCO	61.45	51.00	(17%)
Bahri	37.04	30.14	(19%)
ANB	25.43	20.55	(19%)
BSF	25.22	19.92	(21%)
Bank Albilad	33.78	25.86	(23%)
Riyad Bank	39.58	27.90	(30%
SAB	53.11	34.36	(35%)
Mobily	103.65	65.50	(37%)
stc	69.90	42.46	(39%)
NADEC	28.74	17.10	(41%)
Al-Jouf	88.00	49.16	(44%)
Saudi Ceramics	49.14	26.12	(47%)
GASCO	154.00	77.90	(49%)
Batic	4.40	2.02	(54%)
SAIB	31.05	13.20	(57%)
Makkah Construction	186.29	78.75	(58%)
Taiba	78.42	32.60	(58%)
Shams	41.60	14.37	(65%)
Bank AlJazira	34.12	11.72	(66%)

*Capital changes were taken into account.

Anaam Holding led the top decliner, plunging 98%, followed by Amiantit and Sinad Holding, dropping 97% each.

Nama Chemicals and SIDC dropped 96%, while Alasmak fell 95% compared to its 2006 levels.

Meanwhile, shares of Tabuk Agricultural, Tihama, Thimar, and GACO dropped by nearly 94%.

Top Losers
Company	Feb. 25, 2006*	Feb. 25, 2026	Change %
Anaam	422.59	10.31	(98%)
Amiantit	413.56	13.17	(97%)
Sinad	247.44	8.01	(97%)
Nama Chemicals	554.73	21.46	(94%)
SIDC	223.71	10.00	(94%)
Saudi Fisheries	983.22	47.82	(95%)
TADCO	107.94	6.53	(94%)
Tihama	237.52	15.05	(94%)
Thimar	554.17	35.42	(94%)
GACO	212.34	13.73	(94%)
JAZADCO	113.60	7.58	(93%)
NGC	199.10	14.08	(93%)
Tabuk Cement	113.69	8.33	(93%)
Saudi Cable	1,824.01	155.70	(91%)
Saudi Darb	22.93	2.06	(91%)
Wafrah	193.49	18.92	(90%)
Tasnee	76.20	8.32	(89%)
SAIC	131.90	14.67	(89%)
FIPCO	224.76	26.14	(88%)
AYYAN	92.64	11.24	(88%)

*Capital changes were taken into account.

P/E Ratio

In February 2006, the market P/E ratio exceeded 57x, even after excluding companies that had not started operations (e.g., Yansab, Mobily, and Bank Albilad). The current market P/E stands at 17.68x, and after the same exclusions, it should be 17.45x.

In February 2006, 39 companies traded above the market P/E, led by Nama Chemicals at 2,398x, while nine companies had a negative P/E.

Currently, five companies (listed since 2006) trade at P/E ratios above 100x, while 21 companies have a negative P/E.

P/E Ratio
Company	Feb. 25, 2006		Feb. 25, 2026
Company	Stock Price (SAR)	P/E	Stock Price (SAR)	P/E
Nama Chemicals	498.63	2398	21.46	Negative
NGC	199.10	48	14.08	Negative
SAIC	131.90	2319	14.67	Negative
Anaam	422.59	Negative	10.31	Negative
Amiantit	413.56	Negative	13.17	Negative
Shams	41.60	Negative	14.37	Negative
TADCO	107.94	127	6.53	Negative
Maadaniyah	88.98	141	11.66	Negative
Tihama	237.52	147	15.05	Negative
SARCO	352.05	1483	47.04	Negative
Sadirat	17.16	73	2.46	Negative
Saudi Group	84.48	92	12.86	Negative
Saudi Fisheries	983.22	Negative	47.82	Negative
SIDC	223.71	Negative	10.00	Negative
Saudi Ceramics	49.14	59	26.12	Negative
JAZADCO	113.60	82	7.58	Negative
SAPTCO	65.12	65	8.43	Negative
Tasnee	76.20	139	8.32	Negative
Ash-Sharqiyah	82.32	154	12.49	Negative
Wafrah	193.49	Negative	18.92	Negative
FIPCO	224.76	266	26.14	Negative
Eastern Cement	167.10	48	23.65	7.59
Riyad Bank	39.58	51	27.90	8.04
Saudi Steel Pipe	30.16	78	4.75	8.19
ANB	25.43	28	20.55	8.19
Alawwal (formerly SABB)	53.11	32	34.36	8.24
SAIB	31.05	36	13.20	8.70
BSF	25.15	28	19.92	9.30
Bank AlJazira	42.72	35	11.72	9.97
Yamama Cement	141.77	57	24.70	10.96
Al Akaria	43.13	86	13.18	11.35
Bahri	37.04	78	30.14	11.36
ARDCO	68.42	197	17.91	12.56
Bank Albilad	33.78	0	25.86	12.72
NADEC	28.74	108	17.10	13.24
Saudi Cement	101.73	32	32.90	13.32
Arabian Cement	136.73	41	22.64	13.72
SABIC AN	138.91	53	127.00	14.06
Zoujaj	122.80	28	35.56	14.30
Mobile	103.65	Negative	65.50	14.76
stc	69.90	28	42.46	14.83
Jarir	4.88	33	14.10	16.32
SADAFCO	111.60	Negative	196.30	16.52
Al Rajhi Bank	92.67	66	102.40	16.52
Tabuk Cement Co.	113.69	66	8.33	16.86
Almarai	26.42	68	40.54	17.03
Al-Jouf Cement Co.	88.00	213	49.16	18.17
Saudi Electricity	50.80	143	13.76	18.40
SENAAT (formerly Zamil)	110.75	62	35.70	18.72
Tawuniya	69.31	10	138.30	19.38
Southern Cement	148.50	34	21.14	20.72
Yanbu Cement	100.54	35	14.49	21.16
Saudi Chemical	7.29	56	7.50	21.74
Qassim Cement	203.00	65	42.34	22.14
GASCO	154.00	66	77.90	23.35
SISCO	78.51	496	26.90	25.40
Taiba	78.42	86	32.60	27.70
Savola	95.23	67	22.50	33.45
Makkah	186.29	200	78.75	34.02
SPIMACO	166.83	208	28.50	44.20
AYYAN	92.64	52	11.24	44.39
Alujain	108.00	2265	22.07	51.95
Saudi Darb (Formerly Al-Baha)	22.93	Negative	2.06	66.34
Fitaihi Group	10.27	239	2.51	87.06
Sinad Holding	247.44	126	8.01	More than 100
GACO	212.34	89	13.73	More than 100
SABIC	243.60	38	54.80	More than 100
SASCO	61.45	27	51.00	More than 100
Batic	4.40	153	2.02	More than 100

*P/E ratio after excluding non-recurring items.

In February 2006, the market's price-to-book (P/B) ratio peaked at 11x, a notably high level indicating inflated prices. The market's current P/B ratio stands at 3.05x, marking a 72% decline.

Saudi Electricity Co. had the lowest P/B ratio at 4.58x in February 2006, while Saudi Darb (Formerly Al-Baha) had the highest at 109.81x.

As for the companies that were listed in February 2006, Tasnee and Alujain recorded the lowest P/B ratio at nearly 0.7x, while Jarir recorded the highest at 9.6x.

P/B Ratio
Company	Feb. 25, 2006		Feb. 25, 2026
Company	Stock Price (SAR)	P/B Ratio	Stock Price (SAR)	P/B Ratio
Jarir	4.88	11.48	14.10	9.60
Saudi Fisheries	983.22	34.94	47.82	6.37
SIDC	223.71	22.91	10.00	6.37
SIECO	17.16	17.67	2.46	4.14
SENAAT (formerly Zamil)	110.75	11.31	35.70	4.05
Tawuniya	69.31	4.93	138.30	4.03
SASCO	61.45	9.03	51.00	3.99
Makkah Construction	186.29	17.08	78.75	3.84
SADAFCO	61.45	7.97	196.30	3.66
Al Rajhi Bank	92.67	27.51	102.40	3.57
GAS	154.00	9.57	77.90	2.97
Batic	4.40	7.30	2.02	2.88
Saudi Chemical	7.29	8.79	7.50	2.76
Tihama	237.52	9.33	15.05	2.59
stc	69.90	10.64	42.46	2.55
Mobily	103.65	20.15	65.50	2.48
Saudi Cement	101.73	7.90	32.90	2.38
FIPCO	224.76	34.34	26.14	2.36
SPIMACO	166.83	9.77	28.50	2.21
SARCO	352.05	10.93	47.04	2.20
Bank Albilad	33.78	17.46	25.86	2.05
Wafrah	193.49	37.99	18.92	2.00
Almarai	26.42	18.49	40.54	1.97
Saudi Darb	22.93	109.81	2.06	1.96
Tabuk Agricultural	107.94	14.09	6.53	1.95
Arabian Pipes	30.16	13.68	4.75	1.95
Bahri	37.04	13.14	30.14	1.82
Nama Chemicals	498.63	103.92	21.46	1.80
Maadaniyah	88.98	18.54	11.66	1.79
Qassim Cement	203.00	15.38	42.34	1.76
Shams	41.60	17.50	14.37	1.66
SISCO	78.51	14.11	26.90	1.50
Zoujaj	122.80	9.52	35.56	1.47
Fitaihi Group	10.27	5.29	2.51	1.46
GACO	212.34	13.74	13.73	1.35
Riyad Bank	39.58	10.90	27.90	1.31
Anaam Holding	422.59	16.45	10.31	1.29
National Gypsum	199.10	17.41	14.08	1.29
Savola	95.23	27.11	22.50	1.27
Tibbiyah	78.42	9.83	32.60	1.24
JAZADCO	113.60	13.45	7.58	1.18
BSF	25.15	8.77	19.92	1.17
SAPTCO	65.12	7.35	8.43	1.13
NADEC	28.74	7.15	17.10	1.12
SABIC	243.60	11.72	54.80	1.10
Ash-Sharqiyah	82.32	14.30	12.49	1.06
AYYAN	92.64	11.02	11.24	1.05
SAB	53.11	10.63	34.36	1.05
Riyadh Development	68.42	9.03	17.91	1.03
SIIG	84.48	16.34	12.86	1.02
Yamama Cement	141.77	18.21	24.70	1.01
Bank AlJazira	42.72	11.34	11.72	1.00
ANB	25.43	8.03	20.55	0.99
SAIB	31.05	7.31	13.20	0.96
Al Akaria	43.13	8.54	13.18	0.94
Southern Cement	148.50	10.54	21.14	0.90
Eastern Cement	167.10	8.48	23.65	0.89
Arabian Cement	136.73	8.39	22.64	0.88
Yanbu Cement	100.54	8.15	14.49	0.88
Sinad Holding	111.60	15.90	8.01	0.86
SAIC	131.90	79.43	14.67	0.83
Amiantit	413.56	9.05	13.17	0.65
Saudi Electricity	50.80	4.58	13.76	0.66
Tabuk Cement	113.69	12.41	8.33	0.64
Tasnee	76.20	24.66	8.32	0.56
Alujain	108.00	10.82	22.07	0.46

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TASI's performance 20 years after February peak

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