Half Year 2024 JSE Ltd Earnings Call Transcript
Key Points
- Jse Ltd (STU:JF6) delivered stable results with NPAT of ZAR493 million and headline earnings per share of ZAR6.06 despite challenging macroeconomic conditions.
- Operating income grew by 4.2% year on year, reflecting diversified revenue streams and strategic progress in growing non-trading income.
- Non-trading income now represents 59% of operating income, showing an 88% increase since the first half of 2019.
- The company maintained a disciplined approach to cost management while investing strategically in people and technology.
- Jse Ltd (STU:JF6) continues to innovate and collaborate, launching new initiatives in data services, private markets, and carbon trading.
- Equity market trading revenue was down due to a 12% decline in average daily value traded, reflecting ongoing risk-off sentiment.
- Operating expenses increased by 6.4% year on year, driven by inflationary pressures on salaries and licensing costs.
- The EBITDA margin decreased by 2 percentage points to 42%, impacted by higher operating expenses.
- The company faces challenges in maintaining market share amid competition and a lower cost structure from competitors.
- There is uncertainty regarding the sustainability of double-digit growth in JSE Investor Services amid a challenging environment.
Hello everyone, and thank you very much for attending. A warm welcome to this half year financial results presentation of the JSE. Today, we'll be delving into the financial performance, which is really a story of resilience and adaptability in a complex landscape. I'll start with a high-level summary or overview of the business before we review the group performance.
And then after that, Fawzia, our Group CFO, will provide a detailed overview of our financials. I'll then close with an overview of the key strategic initiatives, and after that, we will open for Q&A. Overall we are very pleased with the progress that we've made so far. We continue to structurally improve our performance over time through innovation and collaboration.
Our core businesses remain resilient despite the challenging environment and our JSE Investor Services and Information Services business has delivered expected growth on the back of management focus and investment. We remain on track to deliver on our group strategy to position the
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