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Summarised annual financial results and ordinary cash dividend declaration for the year ended 31 December 2024
JSE Limited
(Incorporated in the Republic of South Africa)
Registration number: 2005/022939/06
Share code: JSE
ISIN: ZAE000079711
LEI: 213800MZ1VUQEBWRFO39
("JSE" or "the Group")
Summarised consolidated annual financial results and ordinary cash dividend declaration for the year ended 31 December 2024
"The JSE delivered strong results with 10.4% growth in net profit after tax (NPAT) and an improved return on equity (ROE) of 20.2% (2023: 19.4%). We
recorded revenue growth across most of our asset classes off the back of sustained positive market sentiment following the formation of the Government of
National Unity. Our strategy to build a diversified and resilient exchange group was supported by non-trading income, which increased by 7.5% to R1 170
million (2023: R1 088 million) and now contributes 37.8% of operating income (2023: 36.8%). I am particularly pleased with the structural reductions in our
cost base, which helped restrain total expenditure growth to 6.2%.
This performance was underpinned by robust operational processes and uptime of 99.97% across all our systems. The business remains strongly cash-generative,
enabling the Board to increase the ordinary dividend by 5.6% to 828 cents per share, translating into a total distribution to shareholders of R715 million.
The Group is committed to its growth and diversification strategy. These solid results demonstrate the value of our investments across the value-chain, in
our technology and our people, and provide further momentum for future growth."
- Leila Fourie, Group CEO
Overview of results
- Net profit after tax (NPAT) increased 10.4% to R918 million (2023: R831 million), with a strong return on equity (ROE) of 20.2%. Headline earnings per share
(HEPS) increased by 9.6% YoY to 1 128.6 cents per share (2023: 1 029.8 cents).
- Earnings before interest, tax and depreciation (EBITDA)1 increased by 4.3% YoY to R1 190 billion.
- The Group continues to be cash-generative with net cash generated from operations of R1.09 billion. This has enabled the Board to declare an ordinary
dividend of 828 cents per share for 2024 (2023: 784 cents), which translates into a pay-out ratio of 78.0% (2023: 82.4%).
- The Group's operating income2 was up by 5.2% to R3.1 billion, supported by the diversified asset classes. Most business segments reported growth in revenue
for the period, with JSE Investor Services (JIS) revenue up 20.2%, Primary Markets revenue up by 15.6%, commodity derivatives revenue up 11.6%, and revenue
from bonds and financial derivatives up 6.6% YoY. Non-trading income showed good growth, now representing 37.8% of operating income in 2024 (2024: R1 170
million; 2023: R1 088 million).
- Total operating expenditure increased by 6.2% YoY to R2.2 billion, demonstrating a disciplined approach to cost management.
- Net finance income increased 21.3% YoY to R205 million (2023: R169 million) due to higher yields on the JSE's cash and bond balances and a favourable
interest rate environment.
- We continue to actively manage our cash through our Treasury operations and Bond Reserve Fund.
- Capital expenditure of R147 million remains focussed on protecting the core business as well as growing new business lines.
- The Group maintains a robust balance sheet and cash position of R2.8 billion as at 31 December 2024 (including bond investments of R601 million). Ring-
fenced and non-distributable cash and bonds (regulatory capital and investor protection funds) amounted to R1.3 billion.
1 Includes margin income.
2 Margin income included in operating income.
R million (unless otherwise stated) FY2024 FY2023 % change
Revenue 2 971 2 814 5.6%
Net margin and collateral1 124 128 (3.6%)
Operating income 3 095 2 943 5.2%
Other income 72 30 >100%
Total income 3 167 2 972 6.5%
Personnel expenses 854 784 8.9%
Other expenses 1 123 1 048 7.2%
Depreciation and amortisation 190 207 (8.6%)
Total expenditure 2 166 2 039 6.2%
Earnings before interest and tax (EBIT) 1 000 933 7.2%
Net finance income 205 169 21.3%
Share of profit from associate 46 39 18.7%
Income tax expense 333 310 7.5%
Net profit after tax (NPAT) 918 831 10.4%
Earnings before interest, tax, depreciation and amortisation (EBITDA) 1 190 1 141 4.3%
EBITDA margin 38.4% 37.6% (0.8pts)
NPAT margin 30.2% 29.2% +1pt
Profit before interest, tax and incentives (PBITI)2 1 083 989 9.5%
Earnings per share (EPS) (cents) 1 129.4 1 019.3 10.8%
Headline earnings per share (HEPS) (cents) 1 128.6 1 029.8 9.6%
Ordinary dividend per share declared (cents) 828 784 5.6%
Net cash generated from operations 1 094 1 111 (1.5%)
Capital expenditure 147 155 (5.4%)
ROE 20.2% 19.4% +0.8pts
1 Income earned on margin and collateral deposits largely for JSE Clear.
2 Margin income is included in interest calculation of PBITI.
Any forecast financial information contained herein has not been reviewed or reported on by the Group external auditors.
Declaration of ordinary cash dividend
The Board has declared an ordinary cash dividend for the year ended 31 December 2024, as follows:
Dividend Annual gross Withholding Annual net
amount tax % amount
per share per share
Ordinary 828 cents 20% 662.40000 cents
The ordinary dividend of 828 cents (2023: 784 cents) increased by 5.6% on the back of a 9.5% increase in HEPS. The dividend translates into a pay-out ratio
of 78.0% (2023: 82.4%), which is within the pay-out range specified in the JSE's dividend policy. A dividend withholding tax of 20% will be applicable to all
shareholders who are not exempt.
The dividends are payable to shareholders recorded in the register of members of the JSE at close of business on Friday, 4 April 2025. In compliance with
the Companies Act, 71 of 2008 (as amended) (the Companies Act), the directors confirm that the JSE will satisfy the solvency and liquidity test immediately
after completion of the dividend distribution. In compliance with the requirements of Strate, the following salient dates
for the payment of the ordinary cash dividends are applicable:
Dividend paid in year in respect of financial year ended 31 December 2024 31 December 2023
Ordinary dividend per share 828 cents 784 cents
Total rand value R715 million R681 million
Declaration date Monday, 3 March 2025 Monday, 18 March 2024
Last date to trade JSE shares cum dividend Tuesday, 1 April 2025 Tuesday, 9 April 2024
JSE shares commence trading ex dividend Wednesday, 2 April 2025 Wednesday, 10 April 2024
Record date for purposes of determining the registered holders of
JSE shares to participate in the dividend at close of business on Friday, 4 April 2025 Friday, 12 April 2024
Dividend payment date Monday, 7 April 2025 Monday, 15 April 2024
Share certificates may not be dematerialised or rematerialised from Wednesday, 2 April 2025 to Friday, 4 April 2025, both days inclusive. On Monday, 7 April 2025,
the dividend will be electronically transferred to the bank accounts of certificated shareholders. The accounts of those shareholders who have
dematerialised their shares (which are held at their central securities depository participant or broker) will be credited on Monday, 7 April 2025.
A total of 522 109 ordinary shares were repurchased, representing 0.6% of the Company's issued share capital and generating a return on investment of 23.8%.
The issued share capital of the JSE as at the declaration date was 86 355 491 ordinary shares.
The tax number of the JSE is 9313008840.
For further information
This results announcement is the responsibility of the directors. It is only a summary of the information contained in the consolidated annual financial
statements and does not contain full details. Any investment decision should be based on the consolidated annual financial statements, published and
available at: https://senspdf.jse.co.za/documents/2025/JSE/ISSE/JSE/03032025.pdf
The consolidated annual financial statements together with the summary consolidated annual financial statements are both available on the JSE website at:
https://group.jse.co.za/investor-relations/reporting-suite
Ernst and Young Inc, the Group's independent auditor, has audited the consolidated annual financial statements of the JSE Limited from which this
announcement has been derived, and has expressed an unmodified audit opinion on the consolidated annual financial statements.
This announcement itself is not audited and therefore the audit report does not cover this announcement.
Sandton 3 March 2025
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 03-03-2025 10:00:00
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