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

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% year on year to 160.6 million riyals in the quarter mainly because of an increase in salaries and related benefits.