Good afternoon, everyone. My name is Aybek Islamov. I am a MENA Financials Equity Research Analyst at HSBC. On behalf of HSBC, I am very glad to welcome you to the third quarter results conference call of Derayah Financial. With no further ado, I would like to hand over the call to Ghida. Ghida, over to you.
Thank you, Aybek, and good afternoon, everyone. Thank you for joining Derayah Financial's third quarter 2025 earnings call. Joining us today are our CEO, Mohammed AlShammasi, and our CFO, Bilal Bushnaq. This morning, we announced our third quarter results, which reflected another strong performance, underscoring the resilience of our diversified business model and the continued strength of our international trading activity, despite a relatively soft local market environment. However, on that, we are seeing early green shoots with several encouraging regulatory developments being announced during the quarter, which we will discuss in more detail shortly. These mark an important milestone for the Saudi capital market and reinforces a supportive backdrop for long-term sustained growth. Operationally, Derayah continued to deliver strong results, supported by strong client growth, with total accounts now exceeding 600,000, driving client assets of over SAR 55 billion.
For the third quarter, we reported a total operating income of SAR 238 million, up 30% year-on-year, and an operating profit of SAR 137 million, up 5% year-on-year. This brought the nine-month operating income to SAR 682 million and our core net profit to SAR 412 million. We also declared a cash dividend of SAR 0.33 per share for the quarter, bringing year-to-date distributions close to SAR 1 per share. With that, I will now hand it over to Mohammed and Bilal, who will walk you through the key strategic, operational, and financial highlights for the quarter. After their remarks, we will open the floor for your questions. Also, kindly note that all our IR material, including today's presentation, is available on our IR website. With that, I will hand it over to Mohammed.
Thank you, Aybek. Thank you, Ghida, for the introduction. Today, we are announcing a very resilient set of results. As you mentioned, the operational side of the business continued to perform as expected and performing extremely well. Our number of customers continued to rise. We have increased by more than 13% to exceed 600,000 clients. Our assets under management and assets under custody continue its upward trend, exceeding more than SAR 55 billion of AUMs and AUCs. The business continued its growth momentum despite all the challenges and the headwinds of the local market. We have seen the local trading volumes have declined significantly all the way until, I would say, mid of September of this year.
We have seen the lows of around like SAR 3 billion after the announcements that came from the Capital Market Authority about the opening of the market and some reforms that will eventually include a significant development in the target addressable market for all CMIs. In Saudi, we think this is really a sea change for us. Despite all of these challenges, we were able to continue to show a very strong momentum. Our third quarter trading volumes has grown by around 24% versus the similar period of last year. Our brokerage revenue continued its positive momentum of 12% growth. Excluding the income from associates, our results are up 8% year-on-year, cementing really our position as a platform that is able to perform extremely well in different market conditions.
The power really is in the platform that really provides investors with a seamless user experience and ability to trade wherever they see opportunities. Our cost continue really to be well guided. Our cost to income ratio is less than 40%, with an improved capital adequacy reaching more than 29%. Excluding the bank results, which is really the biggest detractor in our results, we have achieved more than SAR 400 million, 8% year-on-year. We still believe in our investment in the bank. We believe that this is a long-term investment. The bank continued to show a very strong momentum in customer acquisition, way above what we have anticipated in our initial business plan. With that comes additional spending, with that comes additional requirements for capital. We believe in the operational side, the bank is in the right structure. They have launched deposit product.
They are now testing for lending a product. We believe as these products are being ramped up, the bank will turn into profitability sometime in the near future. We will, next slide, dive on each business line. In this slide, you can see that local trading volume have really came down significantly. If you take nine months of this year versus nine months of last year, we are talking about a 30% decline in trading volumes across the local market. However, if you look at the international side, you see a significant growth of around 200% in the international side. This is really giving us a very mixed dynamics, and this is really the power of the platform. While the local business have declined, Derayah was able to grow and maintain its leading position in the international side.
We are the number one broker in the international market, and we are the number one broker in overall markets when it comes to the combined trading volumes of local and international. Despite TASI is dropping, despite all the challenges and the slight recovery that we have seen on October of this year, we were able to show a very strong momentum in both local market and international market and maintaining our leading position. Next. There are a number of tailwinds that we believe are quite favorable and represent a huge opportunity going forward. We think the opening of the market to individual foreign residents in GCC, this represents a significant tile of more than 15 million users. Sorry. The entire population of GCC is around 45 million.
We believe this is really moving the target addressable market from GCC market into a much bigger addressable market that counts to billions. We are very confident that as this really reforms taking place before end of this year, Derayah will be ready to be able to capture the opportunity that is presented in that side of the business. We are investing a lot of resources behind these initiatives and will be ready to cater for these. Beside that, our partner, D360, was able to capture a significant growth. More than 2 million users have signed up to D360. We believe in the longer term cross-selling opportunities between what we do at Derayah and what the bank does by offering investment products to bank users and offering banking products to Derayah's users. Next. Our overall online market share and international market share have reached around 20%.
We are the number one broker in the market. Combined, we are the number one broker in the international side. We are the third largest broker in the online trading market in the local side. We have processed more than SAR 108 billion of transactions in the third quarter alone, representing 24% growth year-over-year. Our AUM continue also to grow, and our AUC have grown significantly by more than 24% as well. Next, please. Derayah is continuing, really, its pioneering aspirations. We give you an example of this, our share lending program. We continue to ramp up this program. We have reached more than SAR 800 million in October of this year, representing around 24% market share. We have onboarded significant amount of customers into this program with a lendable pool today standing at more than SAR 10 billion.
Derayah represents a newcomer in this market, and in short period of time, we only completed our MVP stage in July of this year. We were able to significantly grow our business, thanks to our ability and adaptability in the technology side and our ability to ramp up projects perfectly. Next slide. In the asset management side of the business, we continue to show momentum as well. We have grown by around 7% year-on-year. We have increased by more than SAR 1 billion quarter-on-quarter. We still see more opportunities, and we will be reporting even stronger growth in the next quarter. We have launched number of products, including an income fund, an AI fund, and two real estate funds. We see next year as a very busy pipeline for real estate funds.
The new reforms in the market have encouraged significantly the land bank owners to develop these lands parcels. We are really in active discussions with a number of land bank owners to engage with them in a new development funds. Our equity mandates also, we are seeing a very promising signs. The recent momentum in the market have gave a good push for investors to engage again in conversations. We are quite confident that more money will be flowing into this side of the business as well. Next. One of the areas that we continue to focus on is digital wealth management. We have successfully relaunched the platform, created a new application specifically designed for user journey, targeting the mass segment, offering them robo-advisory services. The new application has been welcomed significantly with more than 25,000 new downloads.
Our assets under management in that side of the business have more than doubled over the same, since we launched this platform, and we continue to see very early successful signs of our digital platform. We will update you in the near term about other initiatives that we are doing in this platform, but we are looking at this side of the business fairly positive, and we are investing a lot of resources in terms of technology and products time to invest more and successfully launch our digital wealth management strategy. Next. D360 is another bright spot in our journey. We have, Alhamdulillah, achieved more than 2 million accounts in the bank. This is a significant growth. In a matter of 10 months, they were able to attract 2 million users. Last time we spoke in end of Q2 of this year, we were talking about 1.2 million users.
This is a significant growth. The bank today have launched successfully 70 new products, sitting around SAR 2.1 billion of capital. And by all means, this is way above our operational metrics that we had imagined when we invested in this venture a few years back. Next. Bilal Bushnaq will walk you through the financial results of the business and disclose more details about our financial performance. Bilal?
Thank you, Abu Abdullah, and thank you everyone for attending the call, HSBC team as well, for your usual support. We will go now into the details of our operating income, and we will dive deeper into the individual contributor to our revenue. As we can see that our total operating income has increased by 6%, was that mainly supported by our strong performance in the brokerage revenue, which is up 12% year-on-year, reaching up to SAR 408 million, a higher contribution in the special commission and a higher contribution of our prop book revaluation, which was reflected on the second quarter of this year. On the asset management in general, it remains broadly as a reflect of the subdued market, and this confirms what Abu Abdullah has already communicated earlier about our resilient top line momentum and our continued diversification in the net income. Next slide, please.
The first and the main contributor to our income is the non-margin revenue generated from the non-margin trading, which rose by 11% year-over-year, reaching to SAR 383 million in the first nine months. Of course, the growth is supported by the elevated market volatility that we have witnessed, especially in the international market during the previous period. Our overall traded volume hit a record of 320 billion, which is a 22% growth year-over-year, with our net income reaching to SAR 383 million, an increase of 11% compared to the same period of last year. Our overall implied commission rate, which is, Alhamdulillah, is a good news. It is up to 12 basis points compared to the previous quarter, mainly driven by the different asset classes that has been traded by our individual trader.
This demonstrates our client engagement and sustained trading momentum, which provides the clients with the flexibility on trading across local and international markets as well. Next slide, please. On the non-margin revenue, which has increased by 15% year-over-year, that was mainly driven by the decline of the funding cost. For those who, to reassure that our funding cost is SIBOR + 2% because we are providing the margin with an off-balance sheet fund that provides margin, and we share the revenue with the investors, and our cost is SIBOR + 2%. So any decline in the SIBOR will be reflected positively. We have witnessed a slight decline in the overall AUM that was mainly driven by the lack of a market performance, which is not enticing traders to borrow at this market return. Next slide, please. Our asset management fees year-over-year has declined by 7%.
That was mainly driven by the lack of a contribution of a performance. Because as we all work in the same market, we can see that the market is not providing a positive performance, whether for the assets under management in general, mainly the equity market, and that has reflected in the overall decline of the asset management fees. The third quarter revenue was stable, mainly supported, as Abu Abdullah referred earlier, to the increase in the AUM with a contribution of four funds. Mainly two funds were low in the real estate and two funds in the private equity, maintaining our overall management blended fees of at 62 basis points and the overall assets under management fees at 79 basis points. Of course, we can see a slight contribution in this quarter that is coming from the subscription fees as a result of the launch of these new funds.
Next slide, please. On the special commission part, the special commission reached SAR 138 million. Of course, year-on-year for the previous nine months is a decline of 11%. However, we can see the rebound that took place in quarter-on-quarter, reaching 59%. Our overall blended rate reached 65 basis points, which is within the range that we have provided our investors. That was supported mainly by the increase in AUC, which took place in September, as well as the early contribution from the share borrowing and lending and the contribution, of course, from the share borrowing and lending in the international market. Again, for the uptake or the early contribution of the local market, which just started, the full impact will start being reflected in November going forward. Next slide, please.
That came with a disciplined approach of our operating efficiency as we have maintained our cost-to-income ratio to be below 40% and the net income margin to be at 60%. The slight increase in the overall operating expenses came with the introducing of the ESOP program, which was launched in March for this year. Next slide, please. Again, Derayah maintained its strong liquidity position with a contribution with our growth momentum and the contribution of the increased assets under custody as a result of increasing our overall clients, achieving a 1.2 overall total in equity and a capital ratio of 29%, which confirm our strong investment base and strong ratio, like we say, to over meet any unforeseen risk and problem that can face Derayah in the future. Overall, in this slide, we are presenting the net income.
We are excluding the contribution of D360 to confirm our strong core profitability trajectory, which continued for this year and expected to continue. Our overall operating profit that is generated from our core income reached SAR 412 million, achieving an 8% growth, compared to the same period last year. That was mainly driven by the positive contribution of the brokerage revenue and the reevaluation which took place in the second quarter for this year. To close this core business clearly shows our growth profitability trajectory with, as Abu Abdullah referred to, with our growth engine and the structural reform and the regulations provide the tailwind that confirmed our profitability outcome for the year 2026 and for the fourth quarter of 2025 as well. Back to you, Abu Abdullah.
Yes, thank you very much.
We continue to see more opportunities in the market. Strong momentum continuing in the fourth quarter, in both local and international markets. We have seen a recovery from the lows of September in the local side, and we have seen a stronger demand for brokerage services. Adding to this, a strong momentum continuing in the international markets and a higher volatility in the past few days also have supported our business overall. I will open the floor now to Q&As. So Aybek, how do you want to moderate this? Do you want to put them in the Q&A box or?
Yeah, sure. Thank you. Thank you, everyone. Thank you for your presentation. Yes, we will now open the Q&A session. So, for those who want to ask a question, you can raise your hand. We will unmute your line, and you can ask your question. But please, do introduce yourself first. Secondly, you can also type your questions in the Q&A box, and I will read them out for the management. So while we are collecting the questions from the audience, I think I will kickstart with my own questions. Well, first off, I know you commented about the idle land fees and how it is likely to stimulate the real estate development activity and keep you busy into next year, right? So there is a good demand. But there is also a view that idle land fees may push real estate prices lower, right?
There's a concern that there will be some bulk land sales, which will negatively impact the commercial real estate valuations and so on and so forth. Do you see any concerning implications for your real estate investment trusts, which are part of your private assets in your asset management segment from this idle land fees? We've heard the positives, but what could be the negatives, if any?
Thank you. I think if you look at this market, it really witnessed a significant growth over the past few years, and the new government regulations is aiming to do two things. One is to tax the white land. Second is to put some controls in the rental side. Our majority of assets are really in the rental side, so we have not really seen a significant impact as the nature of these contracts are medium-term, so between two to three years. A number of these contracts in the logistics, a number of these contracts in the office has been already repriced favorably. In terms of developments, we don't really have a significant development presence. We have a couple of large projects which we believe will not be impacted as we're already in the development cycle, and we started really the construction activities of these.
We already applied for the exemptions, and we have been hearing some positive signs that some of these will be exempted as the development has already began on these projects. On the pipeline, I think I haven't seen my real estate team busier than this time. A number of land bank owners are now trying to come up with new funds, find ways to optimize their real estate portfolio, and pursue seriously the development path for these projects. So we have seen a lot of engagement from our real estate team with these discussions, and hopefully, we can announce something toward end of this year or early next year.
Mm-hmm. Yeah. Thank you very much. All right, we'll move on to the questions from the audience. The first question comes from the line of Abdullah Abbas. Abdullah, please announce yourself, introduce yourself, and ask your question.
Hello. Hi. I'm Abdullah Abbas from Arqaam Capital, and we are planning to cover Derayah, so I wanted to have some questions. I wanted to check on your private investments. I know that there are a lot of gains that are coming in, flowing through private investments. How do you forecast these gains in the future? How are the rate cuts going to impact these gains moving forward? That's one thing. About the trading volumes and trading, what's driving trading volumes? How do you see it, considering the uncertainty, do you see a decline in it? Do you see any, if you can give any future reference on that. Thank you.
Okay. Let me just answer the question about our investments. Our investment book is quite liquid, so the majority and the bulk of that investment book is really invested in liquid investments ranging between money market funds, Sukuk, mainly Saudi government Sukuk. Also, we do seed some part of our investment funds. We typically take a minority position in our investment funds, and we put skin in the game alongside with our investors. This is the majority of our investments, and it is subject to market conditions and interest rate sensitivity. The other part of our investments is really linked to a number of private investments that we have made, mainly in startups within the fintech space. In the six months, half year, we evaluate these according to accounting standards, and we are expecting to do another revaluation of these investments toward end of this year.
We believe we have made the right choices by investing in these companies. These revaluations are based on actual valuation and money invested in subsequent rounds by investors. We take, I would say, a conservative and a cautious approach not to value these every quarter. We give it its course, and we make sure that it's really based on a transactional value, people who have placed money at these valuations before we go and reprice any of these investments. On the other side, about the trading volumes, we have seen a strong momentum when it comes to our trading volume. Similar period last year, we have processed around SAR 85 billion-SAR 87 billion of traded value. This has gone up by 24% to reach more than SAR 108 billion in the third quarter of this year.
We started to see also a strong momentum going into fourth quarter of this year.
Thank you, Mohammed. We have a few questions from the Q&A box. The first question is about D360. Can you remind us when you expect it to become profitable?
I see a number of questions actually about D360, so I'll answer them—
Yeah.
—at once. The bank is in the right trajectory. The bank has been very successful in acquiring products. Sorry, launching products and acquiring new customers. This is way beyond our initial business plan that we invested our initial seed round. As they see more customers are coming, they have to continue fueling that growth and acquire these customers. The challenge now is really to monetize this user base. If you look at all the indication, it really seems that the market is widely accepting the bank. There is a strong acquisition momentum of customers. The bank now in the phase of launching new products. They have launched a saving product. They are now doing a test for a lending product. They are in the right trajectory. According to the most recent business plan, they will be breaking even around 2027.
Okay.
Just to confirm, like Abdullah said, 2027 will be the breaking even according to their, of course, business plan, and the positive contribution will start on 2028. The question is asking two questions on D360.
Great. Thank you very much. There is a next question from the Q&A box. How should we think about market share in the local trading market, which is at 11%? It has fallen from 12%, 13% two years back. Can you tell us how aggressive are the smaller competitors in the market at this point, those that are gaining market share? How are you thinking about these new digital competitors?
The way we have viewed the market, we look at the market that has two sides. One is the institutional side, and the other one is the retail side. We have a very muted, almost zero, I would say, presence in the institutional side, and all of our activity happens in the retail side. We have seen significant shift in the buy in the past few months, where the institutional side of the business, mainly international, are the net buyers in the market and have shown a much more activity, while the retail side has been a net sellers in the market. This is really something that we look at seriously, and according to that, we have revised our strategy. We are activating our institutional trading business.
We are starting with offering services in the low latency space, capitalizing on our stronger presence within technology side of business, where we have one of the larger technology teams. We think this is the low-hanging fruit, is really to provide connectivity. We already acquired the assets required to operate in this bank, and we are in the certification side with the exchange and with number of players within that space.
Excellent. Thank you. That is very good. To remind the audience, if you have any questions, please raise your hand to ask a question. Otherwise, you can also type your question in the Q&A box. I think if I move on while we are collecting questions, with another question from me. Let us talk about the user experience, right? I think user experience is one of the key differentiating factors as to how customers pick their preferred online broker. Can you elaborate how you measure your UX versus other peers? Are there any quantitative, tangible ways that can be tracked over time? Is there a way to provide more disclosure around your UX versus the sector average? That will be helpful, I think, very helpful for everyone to know. Yeah.
Excellent question, Aybek Islamov. One of the key efforts that we do, and actually one of the most topics that we spend a lot of time and energy within the company, is to review our user experience. We try to optimize for a number of things. Number one, the least amount of time for us to create a new account, so how fast we can create our KYC and how fast we can really have a customer move from the top of the funnel all the way to the bottom of the funnel. We do measure all of these things actively, and if you are a user of Derayah, you will see that we have done a number of iterations this year in our KYC journey, and we have optimized this.
Most recently, actually two weeks back, we have launched a new KYC journey in our application, optimizing the user journey and making it with a less number of clicks, much faster and much easier for people to go through. I think we have optimized now the journey to less than five minutes to have a complete set of account opening journey, including the KYC and everything. That is number one. Number two, I think it comes to the trading side of business, so how to optimize that journey and how to make it very user-friendly. Our team uses technologies that really monitors where are the pain points for our users, which screens they spend most of the time to arrive at the service, and they try to optimize these screens and make it more user-friendly, more easier to navigate.
Almost in the past, I would say, seven, eight months, almost on a weekly basis, we do push a new change, a new upgrade in our applications, and we will continue to do so. We are still looking at significant changes from where we are all the way, I think, we have planned new releases until end of Q1. We have full visibility on all the changes that we are planning to achieve in our application.
Great. Thank you very much. So, there are follow-up questions in the Q&A box. The first one is about, again, D360. Will you participate in further fundraising if it is done by D360 and maintain your shareholding at roughly 20%, what it is now?
Well, we expect the bank to do fundraising. So any startup looking to fuel its growth require funding to continue to fuel the growth. So we expect the bank to be in the market, raising for new capital. Our share today is around 20%, on a fully diluted basis, around I think 16 .5% . When we are assessing this, we do it in a fully commercial basis. So we look at the valuation of the bank, how is that valued? Is that really favorable for us or not? Accordingly, we make these decisions. We haven't really received the full set of data from the bank, and if we receive any request from the bank, we will ask for the full set of data, and accordingly, we will make assessment whether to participate or not in the next round.
Thank you. Just to add to this question, the fundraising exercises for D360, do they trigger revaluation of your equity stake or not?
I think that's a great—
From great council point of view.
—question for Bilal from an accounting perspective. Does that really trigger any revaluation on our stake?
From an accounting point of view, Aybek, no. Still we'll be holding, even though if there is a dilution in our ownership, still we have a control in hiring three board members. So from an accounting point of view, we have an influence, and we have to comply with the equity method.
Mm-hmm. Very clear.
So no valuation of our stake, even if the bank was valued higher.
Yeah. Okay. Very clear. Thank you. There is another question from the Q&A box, and the question is, "What are the other markets you have looked at to identify opportunities to grow your market share?
We have been looking favorably at the new regulations. One, there are significant changes in the regulations that, number one, will scrap completely the QFI regime and open the market to any individual investors globally. So moving from a small GCC company as a target addressable market into a very wide global markets or global citizens become really our addressable market. This brings, I think, a huge opportunity for us. The challenge here is really to build your technology that will enable you to acquire this growth all electronically while complying with relevant regulations related to know your clients and AML, et cetera. And we are building all of these technologies that will enable us to seamlessly offer the international investors the same user experience that we offer to the local investors today.
Mm-hmm. Very good. And I think just a follow-up question to the one that was just raised as follow-up from me. Have you seen any positive impact from wider market access, Saudi market access by the foreign non-resident investors, right? That is what you mentioned earlier, right? So non-residents now can actually buy Saudi equities. Any positive impact, any increase as well?
The law is not really taking effect yet.
Okay.
What happened that Capital Market Authority published this regulation. It is under consultation now. We expect this to take effect before end of this year.
We are talking about retail access, obviously, right?
Yes. Retail investors. Any individual globally will have the right now to access the Saudi market.
Clear. Very good. Thank you. I think overall, if I just continue with our discussion, you publish new information in your investor slide deck, such as your international market share, right? Clearly, 40% is a very commendable number. Can you elaborate how much work, how much effort goes, sorry, 45%, I stand corrected. How much effort goes to support the number one market share, keeping in mind that there are other competitors who are entering the international trading as well? Where is the competition? Is it on price? Is it on service? To what extent is it happening on the pricing side? Right? There are a few quarters when we see the brokerage margins decline. Obviously, these are blended, international and domestic. Can you elaborate on how much effort does it take to maintain the leading market position?
As you can imagine, reaching this significant market share is not an easy milestone, and maintaining that would require a lot of hard work, optimizing user experience, making sure that our customers really continue to receive one of the best in the market. We are investing a lot of time and effort to maintain that. A lot of that has to do with a lot of connectivity, a lot of API connectivity between us and the counterparts that we deal with to access these global markets. Our ability to provide a very seamless user experience when it comes to movement of cash, settlement, et cetera. We have been investing a lot of time and energy. We monitor the progress of all of these initiatives on a weekly basis.
We have a team with a preset milestones to deliver on a sprint basis, and we continue to monitor this in a weekly basis that we are improving the user journey as we go and no complacency in this business at all. Despite us being number one with a significant market share, we would like really to maintain that. It is no complacency for us at all, and we need to improve this at all times. We will surprise you with the changes that we do in months to come in this business. We are investing heavily in this.
Mm-hmm. Very good. Thank you. Let me check the Q&A queue. There is one question again from the Q&A box. What are the initiatives that you are taking to be ready to take trading volumes coming from retail investors from outside of the KSA?
We have announced actually, a couple of months ago, one initiative that we already signed up with one large platform that houses more than 200 brokers with access to more than 5 million users, that their access to Saudi stock market will happen through Derayah's platform. That is something we already announced a couple of months ago. Any changes on that, we will be also communicating this accordingly.
Mm-hmm. Excellent. Thank you very much. We do not have any further questions, but I think just to close the call, looking at your operating trends, your net operating income before any associate result, is growing nicely 6.5%. Obviously much slower rate compared to 2024. 2024 was exceptionally strong year. If you can discuss 2026, it may be too early to talk about detailed outlook, but what do you think could be the key catalysts to take your net operating income growth to a much higher level?
There are a number of factors that we are viewing very favorably. Number one, we have discussed recovery and asset management. Despite weak markets this year, both in the liquid side like equities and in the private side like real estate, we managed to grow our AUMs slightly by around 7% so far. We are expecting really to do a stronger number in the fourth quarter as we have number of planned launches already taking place and underway. Asset management should recover its growth trajectory in the fourth quarter and in 2026. We have delivered excellent execution of our share lending and borrowing platform. We have highlighted in the presentation that we have grown literally from zero at the beginning of the year to more than SAR 840 million of lendable assets at a spread of more than 5%.
This is a significant development in our business, and we think this is a new revenue stream that we are delivering to investors. In no time, we were able to command more than 24% market share in that business that literally only existed in July of this year. We have been able to create new revenue streams. Adding to this, we are also investing heavily in the high frequency, low latency platform that should come to operate early parts of next year. All of these are new initiatives that did not exist, I would say, a few months back, and they are yielding results and significant contribution to our top line.
Excellent. Very good. Well, thank you for all the answers. We don't have any further questions from the audience, and at this point, we can close our call. I'd like to thank all the participants for dialing in, and the management for their useful insights.
Thank you very much.
Thank you very much.
Thank you, everyone.