JSE reports revenue, earnings drops, but declares dividend
The Johannesburg Stock Exchange (JSE) reported a 5% drop in its revenue to R2.2-billion for the 2017 financial year and an earnings decline of 9% to R836-million, but a strong balance sheet and good cash generation led it to declare a dividend of 605c a share, which was an increase of 8%.
Earnings a share were down 9% to 977.4c, and headline earnings a share down 6% to 996.6c. Management also took steps to sustainably reduce the JSE’s cost base, which was down 1% to R1.4-billion.
The stock exchange generated cash of R977-million, and has a robust balance sheet of R2.4-billion, it said on Wednesday.
“2017 was a challenging year for the JSE and its clients and we are pleased that, in this environment, we were able to grow the ordinary dividend to shareholders and continue to make year-on-year reductions in certain of our fees in order to find ways to make it more affordable for our clients to do business with us,” said JSE CEO Nicky Newton-King.
The Primary Market of the JSE recorded a 10% increase in revenue to R181-million, as a result of increased additional capital raising activity. There were 21 new listings in 2017.
“The JSE also invested R187-million in capital expenditure as it moves towards the end of the delivery of Phase 1 of its Integrated Clearing and Settlement platform and the Exchange Traded Platform for Government Bonds, both of which are targeted for delivery during the first half of this year, subject to client readiness.
“We are excited by the change in local sentiment. We are clear about our 2018 priorities and, hence, the issues that we need to tackle to improve our operational resilience and to achieve our strategy. We look forward to being a constructive part of the renewal of our battered country as we build momentum towards inclusive growth,” said Newton-King.
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