Dubai Financial Market Announces Stellar 171% Net Profit Growth In First Quarter Of 2024

Dubai Financial Market (DFM) has reported a significant increase in its financial performance for the first quarter of 2024, ending on 31st March. The market witnessed a net profit before tax surge of 171 percent, reaching AED 95.6 million, up from AED 35.3 million in the same period of the previous year. This growth is attributed to a 64 percent increase in total consolidated revenue, which amounted to AED 148.1 million, compared to AED 90.1 million during the first quarter of 2023.

The detailed financial breakdown reveals that DFM's total revenues comprised AED 62.5 million from operating income and AED 85.6 million from investment returns and other income. Despite these gains, total expenses excluding tax were slightly reduced to AED 52.5 million from AED 54.8 million in Q1 of 2023. Furthermore, DFM's trading value saw an impressive rise, exceeding AED 25 billion during the first quarter of 2024, up from AED 19 billion during the corresponding quarter of the previous year.

Helal Saeed Al Marri, Chairman of DFM, expressed satisfaction with these results, highlighting the successful listing of Parkin as the first IPO of 2024. This move is part of DFM's strategy to enhance market growth and diversification, ultimately benefiting stakeholders. The DFM General Index's advancement by 4.59 percent and a 6 percent increase in market capitalization to AED 730 billion further underscore market confidence.

Foreign investors have shown a robust presence in DFM, accounting for 47 percent of the trading value in the first quarter and net purchases amounting to AED 1.3 billion. Their ownership stood at 20 percent of the market capitalization at the end of March 2024. Institutional investors also played a significant role, with their share of trading value reaching 65 percent and net purchases totaling AED 717 million.

The first quarter saw an influx of 44,259 new investors into DFM, with foreign investors making up 85 percent of this number. This reflects strong market confidence and interest in DFM's trading and IPO opportunities.

Hamed Ali, CEO of DFM and Nasdaq Dubai, commented on the exchange's performance, stating that DFM's robust results for Q1 2024 solidify its position as a leading financial market in the region. The exchange is committed to excellence and adapting to meet the evolving needs of customers and stakeholders. With positive momentum on its side, DFM aims to achieve its strategic objectives and enhance its status as a global financial hub.

As DFM looks forward to future prospects with confidence, it remains dedicated to delivering sustainable value to all stakeholders, reinforcing its commitment to growth and market diversification.

With inputs from WAM