TASE Reports the Results of the Financial Statements for the Fourth Quarter and Full Year 2024

PR Newswire

TEL AVIV, Israel, March 4, 2025

Record results in TASE revenues - 12% revenue growth to NIS 438 million and 22% in net profit to NIS 101 million

The adjusted EBITDA reached 42.6% of revenues, totaling NIS 186 million, compared to 158 million in 2023, an 18% increase

TASE will distribute a dividend of NIS 51 million representing 50% of the annual net profit for 2024

The overall capital returns to TASE shareholders since January 2024 until March 2025 total NIS 526 million

   -- Record revenues in 2024 totaled NIS 437.9 million, compared to revenues 
      of NIS 389.9 million in 2023, a 12% increase. 
 
   -- Record revenues in the fourth quarter of 2024 totaled NIS 115.4 million, 
      compared to revenues of NIS 101.4 million in the corresponding quarter 
      last year, a 14% increase. 
 
   -- The net profit in 2024 totaled NIS 101.4 million, compared to NIS 83.2 
      million in 2023, a 22% increase. 
 
   -- The net profit in the fourth quarter of 2024 totaled NIS 25.4 million, 
      compared to NIS 20.7 million in the corresponding quarter last year, a 
      22% increase. 
 
   -- The adjusted EBITDA in 2024 totaled NIS 186.3 million, compared to NIS 
      157.6 million in 2023, an 18% increase. 
 
   -- The Adjusted EBITDA in the fourth quarter of 2024 totaled NIS 46.8 
      million, compared to NIS 40.1 million in the corresponding quarter last 
      year, a 17% increase. 

Ittai Ben Zeev, CEO of TASE, said today: "TASE presents a strong performance this year, reflecting the resilience of the Israeli economy in this challenging year. TASE's flagship indices were particularly strong in 2024, outperforming the leading global indices. The Tel Aviv Stock Exchange took a leap forward this year as an attractive alternative for foreign investors, reinforcing its competitive standing among leading international exchanges. Even against the backdrop of the ongoing war on multiple fronts, TASE has demonstrated its strength, attracting capital while also serving as a major source for debt raising by the public companies and the government. The indices' performance this year provides the Israeli economy a competitive advantage and strengthens Israel's position on the international financial stage. Now is the time for the Government, the capital market and the business companies to join forces and build a strong and advanced market that encourages foreign investments as a foundation for a thriving and robust Israeli economy."

TEL AVIV, Israel, March 4, 2025 /PRNewswire/ -- The Tel-Aviv Stock Exchange Ltd. (TASE: TASE) today announced its financial results for the fourth quarter ended December 31, 2024 and for 2024.

Trading on TASE took place in 2024 against the backdrop of the ongoing war, with high volatility a dominant feature. However, despite the war, the Israeli capital market has exhibited remarkable resilience and, in the last few months of 2024, the yields on the TASE indices reached a turning point and a positive change in market trends. For the year as a whole, the leading TASE equity indices outperformed the leading global indices, with the TA-125 index up 29% and the TA-35 up 28%, versus 25% for the S&P500 and 26% for the NASDAQ100. At the end of 2024, TASE's equity market cap reached NIS 1.4 trillion, a 30% increase from the year-end 2023, largely due to the impact of the rise in TASE's equity indices.

Compared to 2023, trading volumes in TASE markets increased significantly in 2024, with the equities' average daily trading volume reaching NIS 2.2 billion - up 10% over the average daily volume in 2023. During 2024, 8 new companies completed an IPO on TASE, with an aggregate value of NIS 8.4 billion, including 5 new issuers, two dual listings and one company that split off a TASE-listed company. Since the beginning of 2025, 5 new companies have completed an IPO on TASE and other companies are in the pipeline with IPOs scheduled in the coming months.

During 2024, the TASE bonds market increased strength as a major source for raising debt both for listed companies and for the Israeli government. Corporate bond issuances totaled NIS 123.5 billion in 2024, compared to NIS 100 billion in 2023. Additionally, the volume of debt raised through deposit-backed bonds hit a new record, totaling NIS 27 billion, more than double the amount raised in 2023 and over eight times the amount raised in 2022. The strong demand in Israel and abroad for Israeli government bond is a strong sign of confidence in the Israeli economy -- particularly as the war was still being fought throughout the year.

The Core Activities in 2024

In 2024, against the backdrop of exceptional events that had significant impact on the local capital market, TASE continued to implement its strategy of building up core activities and furthering the development and growth of the capital market.

TASE, together with the Israel Securities Authority (ISA) and the Bank of Israel, are preparing for the implementation of the move to change TASE's trading week to Mondays-Fridays, already at the beginning of 2026. This change will bring the trading days into line with international markets, increase the Israeli capital market's liquidity and accessibility for foreign investors and strengthen Israel's position on the international financial stage. As part of the preparations for the change in trading days, TASE recently announced that it intends, in conjunction with ISA, to use AI to translate immediate reports into English, in cooperation with Israeli fintech company, TipRanks. Initially, the reports of the companies included in the TA-125 Index will be published on TASE's MAYA English website, allowing foreign investors to receive reports in English in real time.

At the same time, TASE continues its efforts to grow the number of trading firms and members in the Israeli capital market and two new TASE members commenced operations in 2024 -- Jump Trading Europe B.V., one of Europe's leading international trading entities that joined as a remote member, and Altshuler Shaham Trade, one of Israel's leading investment houses that has begun acting as a TASE member and as a TASE Clearing House member. In addition, Clearstream Banking S.A., one of the two international clearing houses operating in Europe, began to operate on TASE in September 2024, as a custodial member.

Alongside the growth in the number of new TASE members, the volume of trading by new retail investors trading on TASE increased by a notable 12%. This positive development is also part of the continued cooperation between the financial regulators, that are working together to promote competition and enhancing the local capital market by aligning it with international standards.

Responding to strong demand, in the last quarter of the year, TASE increased the colocation capacity in the main hosting site with an additional 11 cabinets. TASE also continued to develop the communication hubs outside of Israel. In addition to the first PoP in London, TASE began to provide connectivity services through the second new PoP established in Frankfurt several months ago and has already recruited its first customers for the service.

In the trading sphere, TASE continued to invest resources in developing the indices market. Overall, during 2024, 21 new equity and bond indices were launched, of which 11 are bespoke indices, and TASE entered into exclusivity contracts with three leading index issuers, for exclusive agreements. Consequently, TASE intends to increase and diversify the products in the coming year as part of its strategic plan to improve and develop more investment products for investors. At the end of December 2024, the total amount of AUM of TASE indices exceeded NIS 100 billion, representing an 18% increase over 2023.

At the beginning of November, TASE launched a block trade facility for large, pre-arranged and protected transactions that ensure real time transparency to the market, in alignment with global standards. In addition, TASE completed at the end of October 2024 the main phase in the reform of the OTC trading system, adapting it for use by foreign investors and aligning it with international standards.

Moreover, further to the Israel Securities Authority's approval last August for non-bank TASE members to trade in crypto currencies for their customers, in January 2025 TASE published a draft for public comments on the basis of which TASE will, for the first time, allow the registration of ETFs on digital assets, such as Bitcoin. This move is part of TASE strategic plan to operate in and develop the field of digital assets.

In the derivatives market, in September 2024 TASE launched futures contracts on three leading indices: TA-35, TA-90 and TA-Banks 5, and also appointed a market maker to ensure liquidity and trade volume in this market and to enable the public to invest at more competitive prices. In addition, following the move that began in June 2024 to reduce the multipliers in the derivatives market on the options in the TA-35, TA-Banks 5, TA-125 and foreign exchange indices, the average daily trading volumes on these options have grown by 25% compared to the same period last year.

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