TASE Achieves Record Performance with Strong Revenue and Profit Growth in 2024

TASE Reports Outstanding Financial Results for 2024

The financial statements released by the Tel Aviv Stock Exchange (TASE) for the fourth quarter and full year 2024 mark a significant milestone, showcasing a remarkable 12% growth in revenue, reaching NIS 438 million, accompanied by a 22% increase in net profit that totaled NIS 101 million. The adjusted EBITDA soared to 42.6% of revenues, amounting to NIS 186 million, reflecting an 18% rise from the previous year.

Key Financial Highlights

During the fourth quarter of 2024, TASE reported revenues totaling NIS 115.4 million, representing a 14% increase from NIS 101.4 million in the same period in 2023. This growth is primarily attributed to an increase in data distribution revenue and services related to connectivity. The net profit for the fourth quarter also rose to NIS 25.4 million from NIS 20.7 million in the previous year, marking another 22% increase. Furthermore, the adjusted EBITDA for this quarter stood at NIS 46.8 million, an increase of 17% compared to the previous year's quarter.

Yearly Performance

For the entire fiscal year 2024, TASE’s record revenues were significantly bolstered by a robust performance in trading volumes and services. Comparison to 2023 reveals that trading and clearing commissions escalated to NIS 166.6 million, reflecting a year-over-year rise of 7%. Notably, revenue from data distribution and connectivity services saw a robust growth of 28%, contributing NIS 90.8 million to the revenue stream.

Costs also witnessed an 8% increase, totaling NIS 313.4 million for the year, driven mainly by higher employee benefit expenses and operational costs in technology. Despite these rising costs, the firm’s net financing income remained relatively stable, totaling NIS 10 million.

Market Resilience and Strategic Developments

CEO Ittai Ben Zeev highlighted the incredible performance of TASE amidst challenging circumstances, stating that the Israeli economy’s resilience is vital in these unprecedented times. He noted that TASE's main indices performed exceptionally well, outperforming global benchmarks with the TA-125 index up by 29% and TA-35 up by 28%. This achievement illustrates TASE's competitive stature among international exchanges, even as it navigates through the ongoing war.

The growth in TASE's market capitalization reached NIS 1.4 trillion, representing a 30% increase compared to the previous year due to the uptick in equities. The average daily trading volume also increased by 10% to NIS 2.2 billion, showcasing heightened trading activity. The launch of eight new companies through IPOs further exemplifies TASE's expanding market influence.

Future Direction and Innovations

In line with future growth strategies, TASE is preparing for a strategic shift to a Monday to Friday trading schedule by 2026, aligning with international practices to enhance market accessibility and liquidity. This initiative, coupled with the use of AI in real-time translation of company reports into English, aims to attract foreign investors and strengthen Israel’s global market position.

Moreover, TASE’s collaboration with various stakeholders has led to bolstered transparency in the trading environment. The increased capacity for colocation services and the development of international communication hubs highlight TASE's commitment to enhancing its operational framework.

The market's adaptability is further evidenced by TASE's entry into crypto markets and innovations in derivatives trading aimed at offering competitive products to investors.

In summary, TASE's 2024 financial results not only exhibit robust growth amidst adversity but also underscore the exchange's strategic initiatives aimed at positioning itself as a leading player in the international financial arena. As TASE continues to evolve and innovate, stakeholders eagerly anticipate further promising developments in the years to come.