Press Release - KELER CCP realized profits above the plan

KELER CCP Ltd. (hereafter referred to: KELER CCP) offers clearing house and guarantee services and closed a successful first half of the financial year. Income amounted to 965.95 million HUF, 23.3 percent more than the total income of 783.4 million HUF last year. Profit before tax in the first half of the year was 287.2 million HUF, while profit before tax for the entire year was 174.2 million HUF in 2018. The company continues to implement its strategic goals of becoming the leading regional clearing service provider in addition to serving Hungarian partners.


A member of the KELER Group owned by the Central Bank of Hungary, KELER CCP, provider of clearing and guarantee services, closed the first half of the financial year with increasing results, well above the plan. The company realized income in the amount of 965.95 million HUF in the first six months, 23.3 percent higher than the total income of 783.4 million HUF of the entire year in 2018. Profit after tax at the end of the first half of the year amounted to 287.2 million HUF, also exceeding the annual profit before tax of 174.2 million HUF in 2018.

More income, more profits, more partners
Károly Mátrai, Chief Executive Officer of KELER CCP evaluated the results of the first half of the financial year and said “Capital market income was in line with the plan, similarly to earlier periods. Due to clearing membership fees, energy market fee income increased, and the outstanding activity on the Hungarian natural gas market lead to the realization of clearing income 70 million HUF more than planned.” The growth experienced on the Hungarian natural gas market was the result of concerns over the expiry of the Russian-Ukrainian long-term contracts and the preparation for any supply problems besides the general market recovery. Market participants started to top up domestic and Ukrainian gas storage facilities and purchased the necessary gas for this operation on CEEGEX, a natural gas exchange in cooperation with KELER CCP.
It is important to note that the number of KELER CCP partners, meaning clearing members and non-clearing members, increased to 144 by the end of June 2019 from 138 at the end of 2018. Most of the partners are energy market non-clearing members.

Cost control
The Chief Executive Officer also stressed: „Strict cost control played a significant role in the outstanding results of the first half of the year. This is demonstrated by the fact that costs and expenditures were 5 percent less than planned.”
Amounts payable to the parent company KELER Ltd., the fees of infrastructure services, wages and the cost of software support represent the majority of costs.

KELER CCP continues to grow
Regarding the performance of the following period, Károly Mátrai said that he expects further growth in line with the strategic company goals. 
In addition to providing comprehensive services to existing partners, KELER CCP is looking for new business opportunities to increase the number of clearing and non-clearing members. The cooperation agreement concluded with the exchange of Kazakhstan was a major step this year, as a result KELER CCP will become the clearing service provider of the Astana International Exchange operating in Kazakhstan after the necessary licences are obtained.