SGX Posts Record Half-Year Revenue on Equities and Commodities Growth

The exchange’s diversified portfolio acted as a buffer against global economic headwinds, with operating revenue rising 7.9% during the July-December period. The currencies and commodities segment saw revenue climb 11.9% year-on-year, while the cash equities business reported a standout 16% jump. CEO Loh Boon Chye noted that the platform’s resilience allowed market participants to effectively manage risk, adding that the group remains confident in achieving a medium-term revenue growth target of 6% to 8%.

Growth Drivers and Market Momentum

Listing activity also showed signs of recovery, with revenue from new listings rising 6.9% to S$13.6 million. During the six-month period, SGX hosted 15 new equity listings that collectively raised S$3.0 billion. Beyond institutional activity, Loh highlighted that retail participation reached a four-year high, suggesting broader market engagement despite high interest rates and geopolitical uncertainty.

Citi Research analyst Yong Hong Tan attributed the results to strong operating leverage and disciplined cost management. While the market reaction may remain neutral due to a lack of major earnings surprises, Tan identified several factors that could catalyze future growth:

• The successful execution of high-materiality IPOs currently in the pipeline.
• Sustained demand for iron ore contracts driving derivative volumes.
• Continued momentum in retail trading across the exchange's core platforms.

Management emphasized that the current trajectory supports sustainable shareholder returns. With the IPO pipeline reportedly growing, the exchange is positioning itself to capture further capital inflows as global investors seek stable venues for risk management and asset diversification.