During FY25, SGX saw record-high revenue and net profit. 2HFY25 revenue grew by 8% y-o-y and 1% h-o-h to S$688mil, driven by broad-based growth across all segments except equity derivatives, which declined h-o-h as it normalised from the prior semi-annual high.
2H25 revenue and net profit in line.
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On a like-for-like basis, total expenses, inclusive of transaction-based expenses, was flat y-o-y but rose 10% h-o-h to S$328mil, driven by higher fixed staff costs, technology investments, premises expenses, professional and other fees, transaction-based expenses, and depreciation.
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Growth across all asset classes.
Cash equities trading and clearing revenue rose 26% y-o-y and 6% h-o-h to S$114mil as total traded value increased 23% y-o-y and 13% h-o-h.
Currencies and commodities derivatives trading and clearing revenues improved 13% y-o-y and 5% h-o-h to S$144mil on higher volumes in OTC FX, currency derivatives, and commodity derivatives.
Equities derivatives trading and clearing revenue grew 6% y-o-y but fell 4% h-o-h to SG140mil, driven by higher volumes in FTSE China A50 and GIFT Nifty 50 index futures contracts, partially offset by lower volumes in Nikkei 225, FTSE Taiwan, and MSCI Singapore index futures contracts.
Platform and others were 5% higher y-o-y and 3% higher h-o-h at S$126mil, on higher market data and connectivity, partially offset by lower indices and other revenue.
Dividend policy.
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Above is an excerpt from a report by DBS Group Research. Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
