The Tel-Aviv Stock Exchange Reports the Results of the Financial Statements for the First Quarter Of 2024
Record Revenue of
EBITDA Increases By 12% to
-
Revenue in the first quarter of the year
NIS 108.3 million , compared to revenue ofNIS 100 million in the corresponding quarter last year, an increase of 8%. -
The adjusted EBITDA in the first quarter of 2024 increased by 12%, totaling
NIS 48.6 million , compared toNIS 43.5 million in the corresponding quarter last year. -
The adjusted profit in the first quarter totaled
NIS 28 million , compared toNIS 26 million in the corresponding quarter last year, an increase of 7%. -
The market cap of the equity market at the end of the first quarter of 2024 reached
NIS 1,155 billion , 9% greater than the market cap at the end of 2023, this as a result of the increase of TASE's equity indices. - Significantly higher daily trading volumes this quarter, with a 7% increase in shares and 18% in bonds compared to the average daily trading volume in 2023.
Nevertheless, we do not operate in a void - now more than ever it is crucial that the Government proactively encourage investments in the Israeli capital market, which is a key component of
In the first quarter of 2024, despite the country still being in the midst of the war, the market showed resilience, and the TA-35 and TA-90 indices posted a positive return of 8% and 11%, respectively, compared to an increase of 6% and 10% in the
Trading volumes in the main trading channels increased significantly in the first quarter compared to 2023.
In the equity market, trading volumes were 7% higher than the average daily trading volume for all of 2023, and averaged
Two new companies made IPOs on TASE in the first quarter of 2024, compared to just one company in the whole of 2023. Equity offerings raised
In the bond market, greater activity was recorded in all types of bonds. The daily trading volume in government bonds averaged
The total amount of debt raised by the Ministry of Finance in
In the corporate bonds market - corporate debt issuances raised
The trading volumes of T-bills also increased, averaging
We are also seeing an increase in the value of the public's holdings in foreign funds traded on TASE, which at the end of the first quarter stood at
Continued implementation of the strategic plan for the development and upgrading of the Israeli capital market and enhancement of its global accessibility
Strengthening TASE's international profile
Even at this challenging time, TASE continues to carry out and implement the strategic plan in the field of strengthening its international profile. Within this framework, TASE, in cooperation with the
At the beginning of April, the international trading group, Jump Trading, began operating as a TASE member. Jump Trading is one of
Highlights of the results for the first quarter of 2024:
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Revenue in the first quarter of 2024 totaled
NIS 108.3 million , compared to revenue ofNIS 100.0 million in the corresponding quarter last year, an increase of 8.3%. Most of the increase in revenue is due to revenue from data distribution and connectivity services, which contributed a 5.5% increase. In addition, revenue from trading and clearing, revenue from listing fees and levies and revenue from Clearing House services contributed, each, 1% to the increase in revenue compared to the corresponding quarter last year. -
Costs in the first quarter of 2024 totaled
NIS 75.4 million , compared to costs ofNIS 70.0 million in the corresponding quarter last year, an 8% increase. The increase in costs is due mainly to an increase of 2.6% in computer expenses and to cyber-related expenses. Additionally, employees' non-utilization of vacation days, as a result of the war, increased expenses byNIS 1 million . The costs also include the new equity compensation plan. -
Net financing income in the first quarter of 2024 totaled
NIS 1.4 million , compared to net financing income ofNIS 2.5 million in the corresponding quarter last year, a 43.1% decrease. Financing income in the quarter increased due to interest income on the deposits. At the same time, financing expenses increased as a result of the loan obtained at the end of 2023, resulting in reduced net financing income. -
The adjusted EBITDA in the first quarter of 2024 totaled
NIS 48.6 million , compared toNIS 43.5 million in the corresponding quarter last year, an increase of 12%. The increase is due to an increase in profit before financing, as described, above, in an amount ofNIS 2.9 million , eliminating share-based payment expenses and depreciation expenses in an amount ofNIS 2.1 million . -
The adjusted profit in the first quarter of 2024 totaled
NIS 27.8 million , compared toNIS 26.1 million in the corresponding quarter last year, an increase of 7%. The increase is due to the adjustment of the increase in costs with respect to share-based payments. -
Equity and dividend - Equity totaled
NIS 630.7 million at the end of the first quarter, a 57% increase compared to the end of 2023. Most of the increase in equity stems from the signing, last December, of the transaction for the sale of the banks' shares to local and international investors, the receipts from which, totalingNIS 242.5 million , were carried directly to equity and earmarked for developing investments in TASE's infrastructure.
As part of said transaction, TASE distributed a special dividend in an amount ofNIS 231 million (the difference between the dividend and the amount received from the sale of the shares added anotherNIS 11 million to TASE's equity). On top of this, TASE distributed an additional dividend ofNIS 42 million during March, representing 50% of TASE's 2023 profits.
Click here for the link to the full financial statements for the first quarter of 2024>
Click here for the link to the financial presentation of the first quarter of 2024>
This notification does not supersede the stated in the periodic financial statements of the Company for the first quarter of 2024, which contain the full and accurate information.
Seasonality
The revenue of the Company from trading and clearing is affected, inter alia, by the number of trading and clearing days. In the first quarter of 2024, there were 63 trading days, compared to 64 in the corresponding quarter last year.
Presented below is information on the quarterly breakdown of trading days:
Year |
First quarter |
Second quarter |
Third quarter |
Fourth quarter |
Total |
2023 |
64 |
58 |
61 |
66 |
249 |
2024 |
63 |
57 |
65 |
58 |
243 |
Contact:
Head of Communication and Public Relations Unit
Tel: +972 76 8160405
tase.ir@tase.co.il
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