The Philippine Stock Exchange, Inc. Reported P398M in Net Income in H1-2024

In the first half of 2024, the Philippine Stock Exchange, Inc. (PSE) reported net income of P398.02 million, a decrease of 4.7% from the same period the previous year of P417.51 million. Operating revenues for the company were P722.75 million, a decrease of 2.3%.

Decline in operating revenues was attributed to the 10.7% dip in average trading value during the semester, which reduced the income from service fees by P16.20 million and transaction fees by P9.07 million.  A 33.6% growth in data revenue helped partially offset the decrease in revenues.
 
Listing-related revenues were up by 0.2% year-on-year as listing fees increased to P290.98 million from P290.32 million. From January to June 2024, two companies conducted their initial public offerings, three listed firms had their follow-on offerings, one listed company did a stock rights offering, and three companies listed their shares issued via private placement transactions.

Meanwhile, other income grew by 20.0 percent to P161.98 million from P134.97 million due to interest income and forex translation gains. The surge was tempered by the P2.57 million mark-to-market loss on fair value of investments in financial assets, a reversal from the P1.06 million gain in the same period last year.

Total expenses rose by 9.4% to P416.13 million from P380.50 million.

“Persistent high interest rates and geopolitical concerns contributed to tepid trading in the first half. We hope to see more active trading for the rest of the year on expectations of a rate cut and the record first half earnings of banks and other listed firms,” said PSE President and CEO Ramon S. Monzon.

“In terms of listing, our fund raising pipeline at this time includes five FOOs, one SRO and one IPO, which will generate up to P48.36 billion in capital,” Mr. Monzon added.

Of the five FOOs, three are expected to proceed in September while the IPO, SRO and remaining FOOs are tentatively scheduled in the fourth quarter.

“PSE continues to pursue projects that will sustain the company’s growth over the years. This includes the planned acquisition of the Philippine Dealing System Holdings Corp., which we target to complete in the next few months,” Mr. Monzon explained.