Dubai Financial Market posts 171% rise in profit for first quarter

Total consolidated revenue rose 64% to Dh148.1 million


Somshankar Bandyopadhyay

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Published: Mon 29 Apr 2024, 9:57 PM

Last updated: Mon 29 Apr 2024, 10:03 PM

The Dubai Financial Market on Monday announced that it posted a net profit of Dh95.6 million before tax for the first quarter of 2024, a rise of 171 per cent as compared to the same period last year.

Total consolidated revenue rose 64 per cent to Dh148.1 million. This includes Dh62.5 million in operating income and Dh85.6 million in investment returns and other income. Total expenses excluding tax reached Dh52.5 million, compared to Dh54.8 million during the same period last year.

DFM’s trading value during the quarter topped Dh25 billion, as compared to Dh19 billion in the first quarter of 2023.

Helal Saeed Al Marri, chairman of DFM, said: “The successful listing of Parkin, the first IPO of 2024, reflects our commitment to bringing more value assets to the market and fostering growth and diversification within the marketplace. The impressive performance of the DFM General Index further reinforces the market’s confidence in our strategic direction as it advanced 4.59 per cent and market capitalization increased six per cent to Dh730 from the end of 2023.”

Foreign investors maintained their strong presence at the bourse, with a market share of 47 per cent during the quarter and net purchases of Dh1.3 billion. Institutional investors’ share of trading value reached 65 per cent with net purchases of Dh717 billion.

The bourse attracted 44,259 new investors in the first quarter, 85 per cent of whom were foreign investors.

Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “DFM is well-positioned to achieve its strategic objectives and further solidify its position as a global financial hub. We look forward to the future with confidence, and we remain committed to delivering sustainable value to all our stakeholders.”

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