TASE REPORTS: Adjusted profit for the quarter of 11.5 m – capital market

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Publishes its financial results for the fourth quarter of 2020 and for the entire year: Revenues for the quarter amounted to NIS 77.5 million, an increase of 17% compared to NIS 66.4 million in the corresponding period. Adjusted profit (excluding expenses for share-based payments) in the quarter amounted to NIS 11.5 million, an increase of 255% from NIS 3.2 million in the corresponding quarter. Revenues this year accumulated to an amount of NIS 304.3 million, 17% higher than NIS 260 million in 2019. The annual adjusted profit amounted to NIS 38.2 million, an increase of 78% from a level of NIS 21.4 million last year. The annual net profit more than doubled (110%) and stood at NIS 36.9 million. The stock exchange announced that it would distribute a dividend of NIS 18.45 million.

Expenses that were deducted from the calculation of adjusted profit included, among other things, increased tax expenses, employee benefits and beyond financing expenses. The stock market attributes the increase in revenue, year and quarter, to the increase in revenue from trading and clearing commissions and writes that “most of the increase is due to the increase in trading volumes following the outbreak of the corona virus, which after a period of uncertainty “Trading on the stock exchange, which together led to an increase in investments in new high-tech companies, new issues and a significant increase in the volume of trading on the stock exchange.”

It was also noted regarding the quarter that there was an increase in the number of trading days as well as an increase in the rate of the effective commission that affected the results. It was further explained that there was also an increase in revenue from other items such as registration fees (8% per quarter and 10% per year), clearing services (6% per quarter and about 10% per year), information dissemination and connectivity services (20% per quarter 14% per year).

Adjusted EBITDA in the fourth quarter amounted to NIS 25.9 million, an increase of 72% compared with a total of NIS 15.1 million in the corresponding quarter. For the entire year, the adjusted EBITDA was NIS 95.1 million, 51% higher than NIS 62.9 million in 2019.

Expenses in the quarter were estimated at NIS 63.7 million (excluding the effect of share-based payments), an increase of 2% compared with NIS 62.4 million in the corresponding quarter attributed to an increase in marketing expenses and the timing of the launch of campaigns between quarters. Expenditures throughout 2020 accumulated to an amount of NIS 254.2 million, 5% higher than NIS 242 million in 2019, a figure that is mostly due to an increase in employee benefits as a result of variable salary and benefit updates affected by an increase in profit in 2020, an increase in marketing expenses and an increase. In communication and computer expenses, for new systems that have been activated.

Net financing income amounted to NIS 1.2 million in the quarter, compared with net financing expenses of NIS 0.4 million in the corresponding quarter. Net financing expenses in 2020 amounted to NIS 0.6 million, compared with net financing income of NIS 9 million last year.

The stock exchange was issued in the summer of 2019, so in fact the 2020 reports are the first full year reports that the company publishes as a public company. Along with the financial results, the stock exchange reminds that in 2020 there were 27 initial public offerings in which NIS 4.6 billion was raised – the highest number since 2007. The volume of raising in the stock market amounted to close to NIS 17 billion, compared to NIS 13.3 billion in 2019.

It has also been said that there has also been a sharp rise in the bond market with the highest volume of borrowing by the Israeli government in the last 20 years, due to the need to fund the government assistance program to deal with the Corona Desert.

“2020 was a significant year for the TASE with an increase in all parameters on the TASE – both in the level of joining new Israeli companies, mainly in the field of technology, in the range of new TASE services and products and in the general public’s interest and growth in trading cycles. , “He said today Itai Ben Zeev, CEO of the Stock Exchange. “The corona crisis that led to great interest in the markets, met a renewed, advanced and more up-to-date stock exchange after three years of implementing a strategic plan in which we acted on three principles: reflecting the Israeli economy, increasing tradability and liquidity and expanding the basket of services.”

“These have allowed us continuous activity throughout the year and support the extensive growth in market activity, including a 43% growth in the average daily trading volume in shares and the entry of many new investors. We are pleased that the momentum continues in the first quarter of 2021 with 30 new issues. This year, about two-thirds of them are high-tech companies and R&D partnerships, and many more are expected to join in the coming months. ”