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Manila Bulletin devider Business devider The Stock Market devider PSE boosts profits despite lower listing, trading revenues

PSE boosts profits despite lower listing, trading revenues

Published Nov 15, 2023 08:01 am

The Philippine Stock Exchange (PSE) reported a 19.9 percent growth in net income to P575.65 million in the first nine months of 2023 from the P480.07 million it generated in the same period last year, on account of higher investment income.

In an investors’ briefing, PSE Executive Vic President and Chief Operating Officer Roel A. Refran said operating revenues dipped 8.7 percent to P1.1 billion from the P1.2 billion registered in the comparative period of 2022.

pse roel refran (2).jpg
PSE EVP and COO Roel A. Refran

Investment income surged 210 percent to P128.76 million from a loss of P116.3 million in the first nine months last year while other income fell 54.7 percent to P42.21 million from P93.14 million in 2022.

Listing-related fees decreased by 19.2 percent year-on-year (YoY) to P438.47 million from P542.73 million mainly due to the 29.4 percent decline in initial listing fees to P241.8 million from P342.53 million.

Initial listing fees went down due to the lower initial public offering (IPO) turnout, from eight IPOs in the first nine months of 2022 to just three IPOs in the same period this year.

PSEi stocks 2023 0929 MDW.jpg

Capital raised from IPOs fell 76.7 percent to P4.32 billion in the first nine months of 2023 from P18.56 billion in the comparative period last year.

As of the first nine months of 2023, IPOs only made up 4.7 percent of the total capital raising activities.

Of the total of P91.88 billion in fresh capital raised and listed at the PSE, the bulk or 58.4 percent consisted of follow-on offerings, private placements accounted for 21.9 percent, and stock rights offerings amounted to 15 percent.

Meanwhile, Refran said the PSE’s trading-related revenues went down by 8.8 percent in terms of total value turnover to P1.21 trillion as of the first nine months of 2023.

Retail investors comprised 19.03 percent of total market transactions, lower compared to the 20.89 percent recorded in the comparative period of 2022.

Meanwhile, percentage of foreign trading was steady at about 43 percent of total value of trades.

Refran said the PSE currently has 70 companies enrolled under its LEAP program which connects prospective issuers with IPO advisers (financial, legal, accounting) for the preparation of their IPO.

Also to encourage firms to go public, the PSE conducts one-on-one sessions with small to medium enterprises to discuss growth plans and listing roadmap.

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Philippine Stock Exchange (PSE) Roel A. Refran
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