Accessibility Statement Skip Navigation
  • Resources
  • Investor Relations
  • Journalists
  • Agencies
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Explore Our Platform
  • Plan Campaigns
  • Create with AI
  • Distribute Press Releases
  • Amplify Content
  • All Products
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Hamburger menu
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • Explore Our Platform
  • Plan Campaigns
  • Create with AI
  • Distribute Press Releases
  • Amplify Content
  • All Products
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS

The Tel-Aviv Stock Exchange Reports the Financial Results for the Second Quarter and First Half of 2023


News provided by

The Tel Aviv Stock Exchange Ltd.

Aug 08, 2023, 12:24 ET

Share this article

Share toX

Share this article

Share toX

TASE Closes the Second Quarter of 2023 with Increase of 42% in the Adjusted Profit Comparable to the Corresponding Quarter Last Year

  • TASE's revenues in the second quarter of 2023 totaled NIS 93 million, an increase of 2% compared to the corresponding quarter last year, despite the five fewer trading days in the quarter compared to last year.
  • The profit in the second quarter of 2023 totaled NIS 19 million, compared to NIS 14 million in the corresponding quarter last year, an increase of 32%.
  • The adjusted profit in the second quarter of 2023 totaled NIS 20 million, compared to NIS 14 million in the corresponding quarter last year.
  • TASE continues to buy back shares and in the second quarter, purchased 5.8 million shares at a cost of NIS 108 million.

Ittai Ben Zeev, CEO of TASE, said today: "The second quarter of the year was characterized by further organic growth in TASE's activity, with core operations continuing to display profitability, as emphasized by the marked increase in trading volumes of government bonds and T-bills and higher revenues from data distribution and connectivity services. We have emphasized continued implementation of TASE's strategic plan, within the framework of which we have begun the process of entering the digital assets arena, which we believe is going to be an additional growth engine for TASE's business activity. In this connection, we conducted a successful pilot issuance of digital government bonds over a dedicated blockchain platform, in collaboration with the Ministry of Finance. This is a cutting-edge project that has attracted considerable interest both in Israel and worldwide."

TEL AVIV, Israel, Aug. 8, 2023 /PRNewswire/ -- The Tel-Aviv Stock Exchange Ltd. (TASE: TASE) today announced its financial results for the second quarter that ended on June 30 2023.

At the close of the first half of 2023 and against the background of the continuing uncertainty surrounding the judicial reform and the rise in interest and inflation, locally and globally, the leading equity indices continue to underperform in comparison to leading international equity indices, IPOs have come to an almost complete standstill and capital raisings by listed companies have slowed down compared to the first half of 2022. At the same time, significant growth has been recorded in the trading volumes of government bonds and T-bills.

Companies are continuing to refinance debt through the marketable bonds market, despite the rise in interest rates, which proves the importance of the bonds market to the companies' growth and the Israeli economy, particularly during the current period. In the first half of 2023, the business sector raised close to NIS 47 billion through offerings and private placements of bonds to institutional investors and the public – similar to the amount raised in the first half of 2022.

The assets under management (AUM) of the TASE equity indices surged in the second quarter of 2023, compensating for the withdrawals in the first quarter of the year. In the first half of the year, the TASE equity indices gained NIS 500 million in AUM, and the volume of OTC assets that track the TASE indices grew by NIS 1 billion. TASE's equity indices currently manage about NIS 41.3 billion of ETFs, tracking funds and OTC transactions. The Israeli economy has a significant growth potential, with its unique demographics and robust economy, acting as a strong growth engine.

Total net share purchases by foreign investors amounted to NIS 4.6 billion from January through May 2023, on top of purchases of NIS 14.1 billion for the whole of 2022. According to the Bank of Israel, net purchases of government bonds by foreign investors on TASE totaled NIS 20 billion, from January through May 2023, compared to net sales of NIS 1 billion for the whole of 2022. These purchases have generated strong trading volumes in the government bonds market.

Implementation of the strategic plan – principal measures

In line with the goals of our strategic plan, TASE has entered into a groundbreaking agreement with Fireblocks for the development and advancement of activities in digital assets. This collaboration will allow TASE to enhance its value proposition to the Israeli market by establishing, for the first time, a secure, dedicated, transparent, and supervised framework for digital asset activities. For example, TASE will be able to offer qualifying institutions custody services for cryptocurrencies and other digital assets.

TASE continues to progress with its trading strategy and liquidity enhancement and has launched a new weekly options series on the TA-35 Index that expires on Tuesdays, in addition to the Thursday expiration series. TASE believes that it will increase investors' engagement in derivatives.

At the beginning of July, TASE launched the Trade Repository, an OTC real-time reporting system, which enables investors instant access to information on transactions executed off the order book, all in alignment with international standards, such as Mifid2. The provision of more direct and transparent access to information will help to optimize trading by both local and foreign investors, putting TASE on par with the leading global capital markets.

Additionally, TASE is continuing to buy back shares under the buyback plan. Since the initiation of the plan in May 2022 until shortly after the reporting date, TASE had purchased a total of 5 million shares at an average price of NIS 17.6 per share, amounting to NIS 88 million in total. In the second quarter, TASE executed a special buyback of 4.6 million shares at a cost of NIS 86 million, which was not subject to the prescribed restrictions and the "safe harbor" protection terms. In total, TASE has purchased 9.6 million shares at an overall cost of NIS 174 million and at an average price of NIS 18.1 per share. The remaining balance of the buyback plan is NIS 12 million.

Highlights of the results for the second quarter and first half of 2023:

  • Revenue in the second quarter of 2023 totaled NIS 92.9 million, compared to revenue of NIS 91.0 million in the corresponding quarter last year, an increase of 2%. The increase in revenue is due mainly to revenue from data distribution and connectivity services, resulting from growth in activity and from updating the data usage tariffs. Revenue from trading and clearing fell by 1% due to there having been five fewer trading days in the quarter compared to last year.
  • Revenue in the first half of 2023 totaled NIS 192.9 million, compared to revenue of NIS 188.7 million in the corresponding half last year, an increase of 2%. Increasing revenue is due to the higher activity of the Company and the Group, including a 3% increase in revenue from trading and clearing commissions, which totaled NIS 77.5 million in the half, and 7% growth in revenue from clearing services, which totaled NIS 38 million in the half. Eliminating the one-time effect of changing the estimate of the period over which registration from listing fees is recognized, which took place in the corresponding period last year and amounted to NIS 4.3 million, the increase in revenue amounted to 5%, despite there having been 2% fewer trading days than last year.
  • Costs in the second quarter of 2023 totaled NIS 72.6 million, compared to costs of NIS 68.1 million in the corresponding quarter last year, an increase of 7%. The increase in costs is due mainly to increases in computer and communication expenses, share-based payment expenses (following the grant of options to management) and marketing expenses.
  • Costs in the first half of 2023 totaled NIS 142.6 million, compared to costs of NIS 141.6 million in the corresponding half last year, an increase of 1%.
  • Net financing income in the second quarter of 2023 totaled NIS 3.6 million, compared to net financing expenses of NIS 3.4 million in the corresponding quarter last year. The transition to financing income this quarter resulted from a positive return of 0.9% on the Company's investments in marketable securities' portfolios comprising Israeli government bonds, compared to a negative return of 1.9% in the corresponding quarter last year. In addition, the raising of the interest rate by the Bank of Israel led to raising the interest rate on deposits.
  • Net financing income in the first half of 2023 totaled NIS 6.1 million, compared to net financing expenses of NIS 8.6 million in the corresponding half last year. The transition to financing income in the half resulted from a positive return of 1.4% on the Company's investments in the marketable securities' portfolios comprising Israeli government bonds, compared to a negative return of 4.3% in the corresponding half last year, as well as from higher interest income on deposits.
  • The profit in the second quarter of 2023 totaled NIS 18.8 million, compared to NIS 14.2 million in the corresponding quarter last year, an increase of 32%. The increase in profit was due mainly to the transition to financing income.
  • The profit in the first half of 2023 totaled NIS 44.3 million, compared to NIS 28.9 million in the corresponding quarter last year, an increase of 53%. The increase in profit is due to the higher revenue from services and the transition to financing income.
  • The adjusted profit in the second quarter of 2023 totaled NIS 20.4 million, compared to NIS 14.3 million in the corresponding quarter last year, an increase of 42%. The increase is due mainly to the transition to financing income as a result of the positive yield on the Company's investments in the marketable securities' portfolios comprising Israeli government bonds and from higher interest income on deposits.
  • The adjusted profit in the first half of 2023 totaled NIS 46.5 million, compared to NIS 29.2 million in the corresponding half last year, an increase of 59%. The increase is due mainly to the rise in revenue and the transition to financing income as a result of the positive yield on the Company's investments in financial assets held for trading.
  • The adjusted EBITDA in the second quarter of 2023 totaled NIS 35.6 million, similar to that in the corresponding period last year.
  • The adjusted EBITDA in the first half of 2023 totaled NIS 79.1 million, compared to NIS 72.6 million in the corresponding half last year, an increase of 9%. 6% of the increase is due to the rise in revenue, while 3% is attributable to the decrease in adjusted expenses, primarily marketing expenses.

Click here for the link to the full financial statements for the second quarter of 2023>

Click here for the link to the financial presentation for the second quarter of 2023>

This notification does not supersede that stated in the periodic financial statements of the Company, which contain the full and accurate information.

Seasonality – The revenue of the Company from trading and clearing is affected, inter alia, by the number of trading and clearing days. In the second quarter of 2023, there were 58 trading days, compared to 61 trading days in the corresponding quarter last year, a 4.9% reduction. In the first six months of 2023, there were 122 trading days, compared to 125 trading days in the corresponding period last year, a 2.4% reduction. Presented below is information on the quarterly breakdown of trading days:

Year

First quarter

Second quarter

Third quarter

Fourth quarter

Total

2022

64

61

61

58

244

2023

64

58

61

65

248

Contact:

Orna Goren
Head of Communication and Public Relations Unit
Tel: +972 76 8160405
[email protected]

SOURCE The Tel Aviv Stock Exchange Ltd.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

icon3
440k+
Newsrooms &
Influencers
icon1
9k+
Digital Media
Outlets
icon2
270k+
Journalists
Opted In
GET STARTED

Modal title

Also from this source

Bank Leumi Joins TASE's Tailor-Made Market-Making Program

TASE (TASE: TASE) announced Bank Leumi's participation in its tailor-made market-making program. The Bank will be the first bank to appoint market...

A Voice for Israel, A Leader in The Market - Bill Ackman Rings the Opening Bell at the Tel Aviv Stock Exchange (TASE) In support of Israel's Economy: "Owning an exchange is like owning a royalty on the success of a country"

A Voice for Israel, A Leader in The Market - Bill Ackman Rings the Opening Bell at the Tel Aviv Stock Exchange (TASE) In support of Israel's Economy: "Owning an exchange is like owning a royalty on the success of a country"

Bill Ackman, one of the world's leading capital market investors, opened trading at TASE (TASE: TASE) this morning. The event was attended by Seffy...

More Releases From This Source

Explore

Banking & Financial Services

Banking & Financial Services

Computer & Electronics

Computer & Electronics

Financial Technology

Financial Technology

Financial Technology

Financial Technology

News Releases in Similar Topics

Contact PR Newswire

  • Call PR Newswire at 888-776-0942
    from 8 AM - 9 PM ET
  • Chat with an Expert
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Italy
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom
  • Vietnam

My Services

  • All New Releases
  • Platform Login
  • ProfNet
  • Data Privacy

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Platform Login
  • ProfNet
Call PR Newswire at
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookies
Copyright © 2025 Cision US Inc.