Q2 2024 Bolsas y Mercados Argentinos SA Earnings Call Transcript
Key Points
- Bolsas Y Mercados Argentinos SA (BUE:BYMA) reported a 34% growth in income in real terms, driven by increased activity.
- The Central Securities Depository showed a real growth rate of 20%, while the exchange side grew by 42%.
- Gross margin increased by 47% in real terms, indicating significant growth in business lines.
- The company's EBITDA margin reached an all-time high of 73%, significantly above the global average.
- Assets under custody grew significantly, with market value increasing by 400%, contributing to business line growth.
- Net income was negative for the quarter at ARS2.5 billion, primarily due to inflation adjustment impacts.
- Expenses grew by 20% in real terms, driven by salary adjustments and increased depreciation and amortization.
- Financial income was not sufficient to offset inflation adjustments, impacting overall net income negatively.
- The company's investment portfolio, being dollarized, showed relatively low returns in pesos compared to inflation.
- Operating income growth was limited to 13% in real terms due to lower other operating income compared to the previous year.
Good morning, everyone. Thank you for joining BMA second quarter earnings presentation. As is usual, please keep your questions till the end of the presentation. And at that point, we will open the microphones. My name is Alejandro Berney and I am the Investor Relations Officer for BMA. So let's get started.
Our quarterly results as usual and this page, we are showing the historical numbers, which are the numbers not adjusted by inflation. Those are the numbers that are in the middle of the page and those two columns and on the right hand of the page, we have the numbers that were presented in our accounting statements.
Those numbers are adjusted by inflation. Those numbers are as of end of June, June 30. So I would like to highlight if you can look to the columns that are on the right hand of the page. We will look first at the adjusted by inflation numbers. there you can see that our business continues to grow at a very healthy rate.
We showed real growth rates on the Central Securities
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