Dubai: The Dubai Financial Market (DFM) posted a 63 per cent surge in its profit for the first-half of 2022 and said it benefited from the IPO (initial public offering) of DEWA.
The stock market operator’s net profit rose to Dh63.4 million in the first-half of the year ended June 30, compared to Dh38.8 million, a year earlier. DFM’s net profit in the second quarter stood at Dh35.9 million, compared to its year-ago profit of Dh15.3 million.
“The DFM has witnessed a positive performance driven by the increasing interest from various market participants and the deep confidence in its prospects in light of the accelerating steps to implement Dubai’s financial markets development strategy,” said Helal Al Marri, Chairman of the Dubai Financial Market Company.
“During the first-half, the DFM welcomed the listing of (DEWA), the largest initial public offering in the UAE financial markets’ history - additionally, our product diversification strategy gained further momentum by launching trading of Oman Crude Oil Futures as well as new equity futures contracts,” said Al Marri.
DFM’s total consolidated revenue reached Dh163.8 million in the first-half of this year, higher than the Dh136.6 million it reported in the same period last year. The company’s expenses also rose to around Dh100.4 million from Dh97.8 million.
DFM’s total trading value increased by 75 per cent during the first-half of 2022 to Dh49.4 billion from Dh28.2 billion during the same period of the year 2021, while the total market capitalization of listed securities increased 28.2 per cent to Dh527 billion. International investors accounted for nearly half of its trading value during the first-half with net purchases of Dh2.6 billion and their ownership reached to 19.8 per cent of the total market capitalization by the end of June 2022.