JSE (JSE) H2 2024 earnings summary

Executive summary

• Achieved 10.4% year-on-year NPAT growth, with headline earnings per share at 1,128.6 cents and strong business resilience supported by diversification and disciplined cost management.

• Total income rose 6.5%, and operating income increased 5.2% year-on-year, driven by diversification and strong non-trading income.

• Maintained a strong balance sheet with ZAR 1.09 billion cash generated from operations and ZAR 2.8 billion in cash reserves.

• Declared an ordinary dividend of ZAR 8.28 per share, yielding 6.9%, up 5.6% year-on-year.

• Advanced infrastructure modernization, data and analytics expansion, and product innovation, with a deliberate approach to M&A and business diversification.

Financial highlights

• Operating income up 5.2% year-on-year to ZAR 3.1 billion, supported by primary market revenue (+16%) and JIS revenue (+20%).

• EBITDA margin at 37.6%, slightly down from 38.4% last year.

• Net income rose 21.3%, with headline EPS up 9.6% to 1,128.6 cents.

• Return on equity improved to 20.2% from 19.4%.

• Net cash from operations at ZAR 1.1 billion; cash and bonds balance increased to ZAR 2.81 billion.

Outlook and guidance

• Operating expense growth expected between 5%-7% for 2025; CapEx guidance set at ZAR 190 million–ZAR 215 million.

• Dividend payout policy maintained at 67%-100% of earnings.

• Focus on BDA modernization, infrastructure upgrades, and scaling data marketplace and analytics.

• Strategic priorities include operational resilience, client centricity, and sustainable earnings growth through 2026.