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Unreviewed interim results for the six months ended 30 June 2024
JSE Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/022939/06)
Share code: JSE
ISIN: ZAE000079711
LEI: 213800MZ1VUQEBWRFO39
("JSE" or "the Group")
UNREVIEWED INTERIM RESULTS
for the six months ended 30 June 2024
R million (unless stated otherwise) H1 2024 H1 2023 % change
Revenue 1 476 1 415 4.3%
Net margin and collateral1 61 60 2.1%
Operating income2 1 537 1 475 4.2%
Other income 27 39 (32.3%)
Total income 1 563 1 514 3.3%
Personnel expenses 362 344 5.2%
Other expenses 546 506 7.9%
Depreciation and amortisation 103 99 3.7%
Total expenditure 1 010 949 6.4%
Earnings before interest and tax (EBIT) 553 565 (2.1%)
Net finance income2 103 76 36.5%
Income tax expense 182 177 3.1%
Net profit after tax (NPAT) 493 493 0.0%
Earnings before interest, tax, depreciation and amortisation (EBITDA) 656 664 (1.3%)
EBITDA margin3 42% 44% (2 pts)
Profit before income tax and incentives (PBITI) 585 617 (5.2%)
Earnings per share (EPS) (cents) 606.0 602.0 0.7%
Headline earnings per share (HEPS) (cents) 606.0 607.2 (0.2%)
Net cash generated from operations 503 488 3.0%
Capital expenditure (CAPEX) 29 33 (12.1%)
1 Income earned on margin and collateral deposits largely for JSE Clear.
2 Margin income was reclassified from net finance income to operating income (H1 2024: R60.9 million and H1 2023: R59.6 million) in terms of Group
accounting policy, following the licensing of JSE Clear as an independent clearing house on 1 January 2023. The alignment is in accordance with industry
best practice.
3 Margin income included in operating income.
"The JSE delivered a stable performance in H1 2024 with 4.2% growth in operating income and net profit after tax flat at R492.7 million, despite lower equity
trading activity (down 12% YOY) and a challenging economic environment. These results reflect the benefit of diversification across our business segments and
asset classes, alongside progress in growing non-trading revenue.
After a slow start to 2024, value traded in our equity market recovered in Q2 with the trend extending into July. Higher trading activity has been underpinned
by positive market sentiment stemming from the outcome of the National Elections and the formation of the Government of National Unity (GNU).
Overall we are pleased with the progress we have made as we continue to improve our infrastructure performance over time through innovation and collaboration."
- Leila Fourie, Group CEO
Overview of results
Net profit after tax (NPAT) was flat at R492.7 million. Headline earnings per share (HEPS) decreased marginally by 0.2% year-on-year (YoY) to 606.0 cents.
The Group continues to be cash generative, with net cash generated from operations of R502.6 million (2023: R487.9 million), up 3%.
The Group's operating income was up 4.2% to R1.5 billion, supported by the diversified business segments and asset classes. Most business segments reported
growth in revenue for the period, with JSE Investor Services (JIS) revenue up 28.9%, commodity derivatives revenue up 24.7%, and revenue from bonds and
interest rate trading up 7.8% YoY. The JSE increased the proportion of its revenue derived from non-trading activity by 1.8 percentage points YoY to 38.6%
(non-trading income of R593.4 million).
Total operating expenditure increased by 6.4% YoY to R1.0 billion.
Interest rates supported higher net finance income, which increased by 36.5% YoY to R103 million.
Capital expenditure of R29 million (2023: R33 million) remains focused on protecting the core business as well as growing new business lines.
The Group maintains a robust balance sheet and a cash position of R1.8 billion as at 30 June 2024 (excluding bond investments of R485.3 million). Ring-
fenced and non-distributable cash and bonds (regulatory capital and investor protection funds) amounted to R1.34 billion.
7 August 2024
For further information
This results announcement is the responsibility of the directors. It is only a summary of the information in the unreviewed interim results for the
six months ended 30 June 2024 ("interim results") and does not contain full details. Any investment decision should be based on the interim
results, published and available at: https://senspdf.jse.co.za/documents/2024/JSE/ISSE/JSE/07082024.pdf and on our website at:
https://group.jse.co.za.
Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 07-08-2024 10:00:00
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