Nine month 2023 financial results - Turnover increases by 17.4%; EUR9.6m net after tax earnings
Turnover in the nine months of 2023 for the Athens Exchange Group was EUR34.4 million compared to EUR29.3m in the corresponding period last year, increased by 17.4%.
63% of the turnover of the Group is from fees on trading, clearing and settlement of trades on the Athens Exchange, posting a EUR4.9m change compared to the corresponding period in 2022, i.e. a 29.8% increase. 12% of the turnover concerns revenue based mainly on the capitalization of the market (Listings / Services to Issuers), which increased by EUR0.46m compared to the nine months of last year (+12.4%), mainly due to the increase in the size of the market. Lastly, 25% of the turnover concerns services and data provided by the Group, which dropped by 2.8% compared to the nine months of 2022.
It is noted that in the nine months of 2023 the Average Daily Value of Transactions was EUR106.9m, increased by 35.6% compared to the nine months of 2022 (EUR78.8m), and the average capitalization of the Greek capital market increased by 25.6% compared to the average capitalization of the nine months of 2022 (EUR79.7 billion vs. EUR63.4bn). The Athens Stock Exchange General Index was up 52.5% at the end of the nine months of 2023 compared to the end of the corresponding period last year.
Total operating expenses in the nine months of 2023 were EUR18.6m compared to EUR16.9m in the corresponding period last year, increased by 10.0%. The increase is due to higher salary costs due to the strengthening of the management team and the Group's competitiveness.
As a result of the above, the Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) in the nine months of 2023 were EUR14.3m, increased by 27.7% compared to EUR11.2m in the corresponding period in 2022.
The consolidated Earnings Before Interest and Taxes (EBIT) in the nine months of 2023 amounted to EUR11.5m vs. EUR7.7m in the nine months of 2022, increased by 49.4%, and the consolidated net after tax earnings of the Group amounted to EUR9.6m compared to EUR6.8m in the nine months of 2022, increased by 41.2%. It is noted that in the nine months of 2022, the profitability of the Group increased due to extraordinary revenue (income from tax refunds) amounting to EUR0.6m.
Based on the guideline for the Alternative Performance Measures (APMs) published by the European Securities and Markets Authority (ESMA), the adjusted earnings per share were EUR0.167 compared to EUR0.114 in the corresponding period last year.
The financial statements of the Group and the Company are posted on the Company's website (www.athexgroup.gr).
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