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Double-digit increase in sales and profit in the second quarter of the year compared to the corresponding quarter last year
30 new companies joined TASE in the second quarter and a total of 63 new companies in the first half of 2021, including 42 high-tech companies, representing a total of NIS 7.8 billion – an increase of 680% over the amount raised in the first half of 2020 and 70% over the amount raised in the full year 2020 by new companies
– TASE’s revenue increases by 15% and is close to NIS 85 million in the second quarter of the year, including one-off gains from the agreement with the Ministry of Finance.
– Profit in the second quarter is more than NIS 12 million, up 20% from earnings in the corresponding quarter last year.
– Exceeds Adjusted EBITDA in the second quarter NIS 26 million, as compared to NIS 21 million in the corresponding quarter last year an increase of 25%.
Tel Aviv, Israel, Aug 11, 2021 /PRNewswire/ — Ittai Ben Zeev, CEO of TASE, said today: “In the second quarter of the year, TASE posted growth in all key indicators – revenue, earnings and EBITDA. We are pleased to present an increase in revenue from several services developed and expanded by TASE in recent years, despite the decline in trading volumes and related revenues compared to the second quarter of 2020, which was marked by extremely high trading volumes in response to the coronavirus outbreak.
“At the same time, we are witnessing continued growth in the number of companies and in the value of assets traded on TASE in the second quarter of the year. During the quarter, 30 new companies joined TASE and in the first half of the year , 63 companies completed IPOs, including 42 high-tech companies.We are proud that, as the home of the Israeli economy, TASE continues to attract new businesses and new investors and is committed to making TASE accessible and enabling access to growing segments of the public to participate in the success of the local economy by partnering with Israeli companies.”
The Tel Aviv Stock Exchange Ltd. (TASE: TASE) today released its second quarter end financial results June 30, 2021:
Highlights of the results:
Turnover in the second quarter of 2021 added up NIS 84.6 million, compared to NIS 73.5 million in revenue in the corresponding quarter last year, an increase of 15%. The increase in revenues is mainly due to the increase in revenues other than trading and clearing (10% of total revenues) and from a one-off gain from the Ministry of Finance related to the listing for trade, up to December 31, 2020, of government bonds for an amount of NIS 3.8 million in the lending pool.
Sales from trading and clearing commissions decreased by 2% to NIS 31.65 million due to a decline in trading volumes of corporate bonds, derivatives and T-bills compared to trading volumes in the corresponding quarter last year, reflecting the impact of the coronavirus crisis outbreak in the first quarter of last year on trading volumes in the second quarter of 2020. This decrease was partly offset by the increased number of trading days in the quarter compared to the corresponding period last year. In the second quarter of 2021, there were 61 trading days, compared to 57 days in the corresponding quarter last year (up 7%).
An increase of 24% to an amount of NIS 18.3 million, was recorded as income from listing fees and charges, mainly arising from an agreement between TASE and TASE-CH and the Ministry of Finance in May 2021, as of the beginning of the year, as well as an increase in the number of prospectuses submitted for examination in the quarter, the higher number of companies and funds paying an annual fee, and more.
A 20% increase in revenue from Clearing House services, which is nearly NIS 17 million, primarily from the increase in custody fee revenue, given the appreciation of assets in TASE-CH, which contributed 11% to the overall increase in Clearing House services revenue. In addition, an 8% increase was recorded in data distribution and connectivity services revenues, mainly due to data distribution to customers outside Israel and from the distribution of derived data, and in revenues from connectivity services (BSO and Colocation).
The costs in the second quarter of 2021 in total about NIS 70.4 million, compared to the cost of NIS 63.9 million in the corresponding quarter last year an increase of 10%. The increase in costs is mainly due to personnel costs (5% of total costs) due to salary updates, a higher headcount and increase in overtime, marketing costs (3% of total costs) and an increase in property taxes and building maintenance costs and depreciation costs (each 1% of the total costs).
Financing income, net in the second quarter of 2021 added up NIS 1.3 million, compared to financing income of NIS 3.5 million in the corresponding quarter of last year. The decrease in borrowing costs is due to a difference in the return on the company’s investments in Israeli government bonds managed in portfolios of tradable securities, which stood at 0.7% this quarter, compared to 1.9% in the corresponding quarter last year.
Profit in the second quarter of 2021 added up NIS 12.1 million, as compared to NIS 10 million in the corresponding quarter last year an increase of 20%. The increase in profit was the result of the increase in revenues from services other than trading and clearing, which was partly offset by the increase in expenses and the decrease in financing income, as described above.
Adjusted EBITDA in the second quarter of 2021 added up NIS 26.2 million, compared to NIS 21 million in the corresponding quarter last year, an increase of 25%. The increase is due to higher revenues from services other than trading and clearing, which was partially offset, mainly by the increase in employee benefits and marketing costs.
The adjusted profit in the second quarter of 2021 added up NIS 12.3 million, compared to NIS 10.4 million in the corresponding quarter last year, an increase of 18%. The increase is mainly the result of higher revenues from services other than trading and clearing, which was partially offset, mainly by the increase in employee benefits and marketing costs and the decrease in financing income.
TASE notes that the first half of 2021 was marked by the gradual lifting of all restrictions imposed on businesses following the coronavirus outbreak, in light of the expansion of the vaccination campaign and the consequent reduction in the number of cases. in Israel, which in turn contributed to the resumption of the economy’s economy and to a decline in the unemployment rate. An increase in morbidity rates started in the second quarter and intensified in July-August, resulting in the reintroduction of certain restrictions. Given the nature of trading in the first half of 2021, to the extent that the increase in morbidity is short-lived and does not lead to the imposition of additional constraints on the economy, no material adverse effect on the Company’s business is expected .
The wave of IPOs continued in the second quarter, as new and seasoned companies raised funds NIS 8 billion and, by the end of the first half of 2021, more than NIS 17 billion was raised, more than three times the amount raised in the corresponding period in 2020 and even higher than the amount raised in the full year 2020. In the second quarter, 30 new companies, including 3 R&D partnerships, completed IPOs, bringing a total of NIS 4.7 billion. In the first half of 2021, 63 companies, including 3 R&D partnerships, have raised NIS 7.8 billion in IPOs, compared to 6 new companies and R&D partnerships that picked up NIS 1 billion in the corresponding period in 2020.
18 new high-tech companies listed on TASE in Q2 2021, in addition to 24 new companies listed in Q1 2021, bringing the total to 42 new high-tech companies, compared to 18 new high-tech companies listed in full-year 2020 .
Among the companies listed for trading in the second quarter of 2021 are three companies with an IPO value of NIS 2.5 up to 3.7 billion, each. In addition to the 63 new issuers in the first half of 2021, 2 companies double-listed (dual listing for the first time by a company traded on the Singapore Exchange) and 8 companies performed an infusion of operations.
Average trading volumes in the first half of 2021 remained comparable to average trading volumes in the full year 2020, compared to increased trading volumes and increased fluctuation in asset values in the first half of last year, reflecting the uncertainty prevailing at the time in the markets after the coronavirus outbreak. The increase in morbidity that started towards the end of the second quarter of 2021 has so far not had a material effect on the trends described above regarding the value of assets traded on TASE and trading volumes.
This announcement is not a substitute for perusing the Company’s periodic reports for the second quarter of 2021, which present complete and accurate information.
Contact:
Yehuda van der Walde
EVP, CFO
Phone: +972-76-8160442
[email protected]
Orna Goren
Head of Communication and Public Relations Department
Phone: +972-76-8160405
[email protected]
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SOURCE The Tel Aviv Stock Exchange Ltd.
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