Baku, March 5, AZERTAC

Despite a year of war with Hamas and Hezbollah, the Tel Aviv Stock Exchange on Wednesday reported record financial results for 2024, showcasing a 12% revenue increase to NIS 438 million ($121 million) and a 22% rise in net profit to NIS 101.4 million ($28.03 million), according to The Press Service of Israel (TPS-IL).

The Tel Aviv Stock Exchange (TASE) adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) reached NIS 186.3 million ($51.5 million) in 2024, marking an 18% increase from NIS 157.6 million ($43.5 million) in 2023. Fourth-quarter revenues also hit a record high at NIS 115.4 million ($31.9 million), a 14% rise compared to the same period in 2023, while fourth-quarter net profit grew by 22% to NIS 25.4 million ($7 million).

“TASE presents a strong performance this year, reflecting the resilience of the Israeli economy in this challenging year,” said Ittai Ben Zeev, CEO of TASE. “The Tel Aviv Stock Exchange took a leap forward as an attractive alternative for foreign investors, reinforcing its competitive standing among leading international exchanges.”

Throughout 2024, TASE experienced a 10% increase in average daily equity trading volume, reaching NIS 2.2 billion ($610 million). The equities market capitalization surged to NIS 1.4 trillion ($366.6 billion), a 30% year-over-year increase. TASE also welcomed eight new companies via IPOs, including five new issuers, two dual listings, and one corporate spinoff.

The bond market remained a critical pillar of capital raising, with corporate bond issuances reaching NIS 123.5 billion ($34.1 billion), up from NIS 100 billion ($27.6 billion) in 2023. The issuance of deposit-backed bonds hit NIS 27 billion ($7.4 billion), more than doubling 2023 figures and surpassing 2022 levels by eight times.

“Even against the backdrop of the ongoing war on multiple fronts, TASE has demonstrated its strength, attracting capital while also serving as a major source for debt raising by the public companies and the government,” Ben Zeev said.

TASE’s Board of Directors has approved a dividend of NIS 51 million ($14 million), representing 50% of the annual net profit for 2024, to be distributed on March 20, 2025. Overall, shareholder returns since January 2024, including dividends and share buybacks, have totaled NIS 526 million ($145.3 million).

In derivatives trading, TASE launched futures contracts on the TA-35, TA-90, and TA-Banks 5 indices, while a market maker was appointed to ensure liquidity. Adjustments in derivatives multipliers have resulted in a 25% increase in daily trading volumes compared to 2023.

Looking ahead, TASE is preparing to transition its trading days to align with global markets, shifting to a Monday-Friday schedule starting in early 2026.

Additionally, TASE is enhancing transparency for foreign investors by introducing AI-driven real-time translations of financial reports in partnership with Israeli fintech company TipRanks. The initial phase will cover reports from TA-125 Index companies.

New institutional members, including Jump Trading Europe B.V. and Altshuler Shaham Trade, commenced operations on TASE in 2024. Clearstream Banking S.A., one of Europe’s leading clearing houses, also joined as a custodial member.

TASE has moved forward in the digital asset space, releasing a draft proposal to list exchange-traded funds (ETFs) focused on Bitcoin and other cryptocurrencies. This development comes after the exchange received regulatory approval for non-bank TASE members to trade digital assets on behalf of clients.

“The indices’ performance this year provides the Israeli economy a competitive advantage and strengthens Israel’s position on the international financial stage,” said Ben Zeev. “Now is the time to build a strong and advanced market that encourages foreign investments as a foundation for a thriving and robust Israeli economy.”