The Tel Aviv Stock Exchange (TASE) ended 2024 on a high note, reporting a 22% increase in net profit, reaching 101.4 million shekels. This growth was driven by rising revenues from information distribution, connectivity services, and clearing operations. Overall, the exchange’s revenues grew by 12% year-over-year, totalling 438 million shekels.

A major factor behind this increase was a sharp rise in revenues from information distribution and connectivity services, which grew by 24% to 23.1 million shekels. This was largely due to higher demand for the exchange’s indices and adjustments to usage fees. Clearing services also saw significant growth, with revenues climbing 25% to 26 million shekels, following expanded services for exchange members and regulatory updates for off-exchange transactions. Trading commissions increased by 5%, generating 43 million shekels, while company registration and annual listing fees rose 11% to 22.3 million shekels.

Image credit: TASE in Tel Aviv (Reuters)

The strong momentum continued into the fourth quarter, where revenues increased by 14% compared to the same period in 2023, reaching 115 million shekels. Net profit for the quarter followed the full-year trend, rising 22% to 25 million shekels.

In January 2024, TASE took a significant step by repurchasing 4.6 million of its shares, representing 4.8% of total share capital, from the hedge fund Manikay Partners for 202 million shekels. To fund the transaction, the exchange secured a 130 million shekel loan, repaid a previous 100 million shekel loan, and distributed dividends through a subsidiary.

With increasing market activity, expanding services, and a growing demand for financial data, the Tel Aviv Stock Exchange appears well-positioned for continued profitability in the near term.

Image credit: Freepik