CMA revenue down 22% to SAR 1.41B in 2025

Logo of Capital Market Authority (CMA)

The Capital Market Authority (CMA) posted a 22% year-on-year (YoY) lower revenues of SAR 1.41 billion in revenue for 2025 compared with SAR 1.81, the Saudi market regulator’s annual report showed.

The decline was primarily attributed to lower securities trading commission revenue, in addition to a decrease in revenue generated from trading services and regulatory fines and penalties.

Actual expenses rose 18% YoY to SAR 1.14 billion in 2025, leading to a retreated annual surplus of SAR 262.7M, the lowest in six years.

As for expenses, salaries and employee benefits accounted for 62% of total expenses, amounting to SAR 711.7 million in 2025. Meanwhile, spending on professional services and consultancies jumped 61% YoY to SAR 50.6 million, while depreciation and amortization expenses surged 94% to SAR 33.8 million.

The regulator has 826 employees as of 2025, up 1% YoY.

Founded in 2003, the CMA is a government organization with full financial, legal, and administrative independence, and is directly subject to the prime minister. Its fiscal year starts on January 1 and ends on December 31 of each year.

The financial resources of CMA comprise fees of services, as well as commissions charged, fees for using its facilities, returns on its funds and proceeds of the assets’ sale, fines and financial penalties imposed on market violators, government funds to CMA, and any other resources determined by the board including (registration, listing or trading of securities, brokerages’ licensing and investment funds’ registration).