SGX posts record revenue, profit inches up on derivatives boost

(Reuters) -Singapore Change Ltd stated on Thursday it posted a slightly greater adjusted revenue and document revenues, helped by the bourse operator’s push in the direction of its derivatives product choices amid a weak securities market.

Increased derivatives volumes for equities, currencies and commodities helped offset a weaker exhibiting from money equities and treasuries.

SGX’s income from mounted revenue, currencies and commodities (FICC) elevated 19% to S$252.7 million ($182.92 million), and contributed to almost 23% of complete revenues. It stated complete income elevated 4% to a document S$1.10 billion.

“Our FICC enterprise stays a key progress engine and is predicted to ship mid-teens proportion income progress within the medium time period,” stated Chief Government Loh Boon Chye.

The corporate’s adjusted internet revenue attributable for the 12 months ended June 30 rose to S$456 million, from S$447 million final yr.

SGX, which advantages closely from its favorable location as a gateway for regional trades, stated that with rising dangers within the world economic system, portfolio danger administration exercise is predicted to rise in tandem.

SGX Group maintains its medium-term income progress expectation of a excessive single-digit proportion vary, it stated.

The corporate’s capital expenditure for fiscal 2023 is predicted to rise to between S$70 million and S$75 million, and is more likely to stay at related ranges within the medium time period.

It additionally proposed a remaining quarterly dividend of 8.0 Singapore cents per share, in-line with a yr in the past.

In a separate announcement, SGX stated Koh Boon Hwee will change Kwa Chong Seng because the board’s chairman.

($1 = 1.3814 Singapore {dollars})

(Reporting by Harish Sridharan and Indranil Sarkar in Bengaluru; Enhancing by Shailesh Kuber)