Dubai Financial Market Reports 171% Surge In Q1 Net Profit, Reaching AED 95.6 Million
Dubai Financial Market (DFM) on Monday revealed its financial performance for the first quarter of 2024, revealing significant growth in net profit before tax. It reported a 171% increase, with profits reaching AED 95.6 million, a substantial rise from AED 35.3 million in the same period in 2023.
According to DFM's report, the total consolidated revenue increased by 64%, reaching AED 148.1 million in the first quarter of this year, compared to AED 90.1 million during Q1 of 2023.
The total revenues amounted to AED 62.5 million from operating income and AED 85.6 million from investment returns and other sources. Total expenses, excluding taxes, reached AED 52.5 million, which is slightly lower than the AED 54.8 million recorded in the first quarter of 2023.
Helal Saeed Al Marri, Chairman of DFM, said the stock exchange takes "pride" in the strong start of 2024.
"The successful listing of Parkin, the first IPO of 2024, reflects our commitment to bringing more value assets to market and fostering growth and diversification within the marketplace, thereby delivering value to our stakeholders," he was quoted as saying by WAM.
"The impressive performance of the DFM General Index further reinforces the market's confidence in our strategic direction, as it advanced by 4.59 percent and the market capitalization increased 6 percent to AED 730 billion from its level at the end of 2023," Al Marri added.
Foreign investors maintained a strong presence with 47% of trading value in the first quarter and net purchases of AED 1.3 billion.
The institutional investors also played a significant role, contributing to 65% of the trading value with net purchases of AED 717 million. During this period, DFM attracted 44,259 new investors, with 85% of them being foreigners.
Hamed Ali, CEO of DFM and Nasdaq Dubai, said "DFM's robust performance in Q1 2024 reinforces the exchange's position as a leading financial market in the region," adding that the "exchange continues to strive for excellence, continuously adapting to meet the evolving needs of our customers and stakeholders."
He said that with this positive momentum, DFM is all set to accomplish its strategic goals and strengthen its standing as a global financial hub.
DFM will conduct The Capital Market Summit on May 1 and 2 at Madinat Jumeirah in Dubai and will provide a platform to boost collaboration, drive innovation, and cultivate dynamic dialogue within Dubai's vibrant IPO and capital market ecosystem.
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