Singapore Exchange posts higher earnings on currency, commodities business strength (updated)

Singapore Exchange

07/08/2024 23:40

(Updates with further details and background)
       Aug 8 (Reuters) - Singapore Exchange  SGXL.SI  posted a
rise in full-year profit on Thursday, reflecting higher revenue
at its currencies and commodities businesses amid rising
transactions in foreign exchange futures.
    Higher volume for currency and commodity derivatives helped
counter a decline in market turnover in the equity unit, as
uncertainty in the global interest rate outlook and a slowing
Chinese economy weighed on market sentiment.
    The city-state hosts more than $4 trillion of assets under
management as global money managers expand their operations and
wealthy Chinese and other individuals flock to the enclave to
set up family offices, helping Singapore's growing status as a
major economic hub.
    The bourse operator posted annual adjusted net profit of
S$525.9 million ($396.10 million), a 4.5% rise over the year
earlier.
    It declared a final quarterly dividend of 9 Singapore cents
per share, higher than the 8.5 cents apiece declared last year. 
  
    
    
   
    

    

($1 = 1.3277 Singapore dollars)

 (Reporting by Ayushman Ojha and Rishav Chatterjee in Bengaluru;
Editing by Shilpi Majumdar)
 ((Rishav.Chatterjee@thomsonreuters.com;))