MOEX Reports Q2 2015 Financial Metrics, Net Profit Climbs to $95.3 Million

MOEX's earnings in Q2 2015 were fueled by growth across a number of its business segments, namely money market, FX

Moscow Exchange (MOEX) has reported its financial results for Q2 2015, underscoring a staunch YoY growth from last year, according to a MOEX statement.

The Q2 financial release follows on the heels of yesterday’s volumes report that showed robust growth across its derivatives and foreign exchange (FX) business, with volumes increasing by 83.5% and 42.4% YoY, respectively.

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However, MOEX also saw a period of strong earnings in Q2 2015, which were fueled by growth across a number of its business segments, namely money market, FX, and depository and settlement services. In particular, total operating income in Q2 2015 rose to $161.7 million (RUB10.18 billion), corresponding to a 50.7% YoY jump from Q2 2014.

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Moreover, MOEX’s EBITDA soared by 66.4% YoY to $126.3 million (RUB7.95 billion) in Q2 2015 – EBITDA margin was 78.1% this quarter, relative to 75.3% in Q2 2014. Operating expenses also witnessed an uptick, jumping to $42.3 million (RUB2.66 billion) in Q2 2015 or up 12.5% YoY from Q2 2014. Finally, net profit also rose to $95.3 million (RUB 6.0 billion) in Q2 2015, which reflects a 72.8% YoY jump from Q2 2014.

Overall, it should be noted that a key area of growth for MOEX during Q2 2015 was garnered from interest income, having been impacted by a higher base interest rate as set by the Bank of Russia.

According to Alexander Afanasiev, Chief Executive Officer (CEO) of Moscow Exchange, in a recent statement on the Q2 earnings, “The strong results in Q2 again demonstrate that our business model is robust and can perform well in the current market environment. In recent months we hosted two IPOs that raised a combined RUB 22 bln and we rolled out a number of new products on our markets, including CPI-linked sovereign bonds and structured obligations.”

Moreover, “The Supervisory Board adopted MOEX’s inaugural Corporate Governance Guidelines, which bring us in line with international best practice and the Bank of Russia’s recommendations for corporate governance. In the second half of the year, we will prioritize value-accretive initiatives such as developing our clearing function and the introduction of new Money Market products. We also see a great deal of potential in the fixed income products,” he added.

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