Dubai: Dubai Financial Market (DFM) said on Monday its net profit jumped 246 per cent to Dh179.3 million in the nine months to September boosted by rising revenues.

Total revenues rose to 746.3 million in the nine months to September as against 300.6 million. The revenue comprised Dh705.7 million of operating income and Dh40.6 million of investment returns.

“We are optimistic that market activity will gain further momentum with a resurgence of IPOs, underlining the success of DFM’s strategy to achieve the best possible representation of key economic sectors,” said Essa Kazim, Chairman of Dubai Financial Market.

The subscription for Amanat IPO is underway, after robust investor appetite for Marka and Emaar Malls Group. The DFM expects at least two IPOs before the year end.

“We are optimistic that market activity will gain further momentum with the presence of new companies from economic sectors currently unrepresented in the market, which underlines the success of DFM’s strategy on listings as we endeavour to achieve the best possible illustration of key economic sectors on our market,” said Kasim.

The traded value of all shares listed on DFM significantly increased by 192 per cent to Dh315.5 billion during the first 9 months of this year compared to Dh107.8 billion in the same period last year. The traded value increased 60 per cent to Dh78.4 billion in the third quarter of 2014 compared to Dh49 billion during the same period of 2013.

Analysts said the outlook is strong for the DFM.

“The results are in line with our expectations and the outlook is strong as we are bullish on the UAE market as a whole. We are positive on banking sector. We still see pockets of value in proxy development stories like Emaar Malls. We still see operating leverage left in many companies,” said Jaap Meijer, managing director at Aarqaam Capital.

The structural rebalancing done by the MSCI index and pipeline of IPOs is expected to generate revenue growth for the company, Meijer said.

The MSCI upgrade of the UAE index was upgraded into an emerging market in May, which is expected to result in inflows worth billions of dollars. The S&P also regrouped the UAE index in September following similar moves by the MSCI.