Singapore Exchange Limited (SPXCF) Q2 2024 Earnings Call Transcript

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Singapore Exchange Limited (OTCPK:SPXCF) Q2 2024 Earnings Conference Call January 31, 2024 8:00 PM ET

Company Participants

Dominic Lim – Head of Investor Relations

Ng Yao Loong – Chief Financial Officer

Loh Boon Chye – Chief Executive Officer

Lee Beng Hong – Head of Wholesale Markets and Platforms

Michael Syn – President

Pol de Win – Head of Global Sales and Origination

Conference Call Participants

Harsh Modi – JPMorgan Chase & Co.

Nick Lord – Morgan Stanley

Thilan Wickramasinghe – Maybank

Jovi Ho – The Edge Singapore

Dominic Lim

Good morning, ladies and gentlemen, and also to those viewing online over the webcast system. Welcome to SGX Group’s First Half FY2024 Results Briefing. This morning’s agenda will kick off with a presentation of our financial highlights and performance by Mr. Ng Yao Loong, our CFO. This will be followed by a business update by our CEO, Mr. Loh Boon Chye. Following, which we will end off the briefing with a question-and-answer session with SGX’s senior executives.

So without further delay, let me hand over the stage to our CFO, Mr. Loong, please.

Ng Yao Loong

A very good morning, and thank you for joining us for this half year results briefing. So our half year financial performance reflects the resilience of our multi-asset exchange amidst a challenging macroeconomic environment. We saw strong growth in currencies and commodities, which we’ll talk about later. But as a Group, earnings wise, on an adjusted basis, it increased 6% to SGD251 million. This is a metric that we have been showing. Adjusted earnings gives a better reflection of our underlying performance as non-cash and one-off items are excluded. This improved earnings was driven by a 4% increase in revenue and a lower growth in expenses of 3%. As a result, we saw improvements in both operating margins and at the earnings level as well.

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