STOCK Dubai Financial Market / DFM / Trading
Dubai Financial Market. Image Credit: Virendra Saklani/Gulf News

Dubai: Dubai Financial Market (DFM) posted a net profit before tax growth of 171 per cent for the first quarter of the year ending on March 31, reaching Dh 95.6 million, compared to Dh35.3 million during the corresponding period of 2023.

DFM’s total consolidated revenue increased by 64 per cent to Dh148.1 million in Q1 of 2024, compared to Dh90.1 million during Q1 of 2023.

The total revenues include Dh62.5 million in operating income and Dh85.6 million in investment returns and other income. Meanwhile, total expenses excluding tax reached to Dh52.5 million compared to Dh54.8 million during the same period Q1 of 2023.

DFM’s trading value reached above Dh25 billion during the first quarter of 2024 compared to Dh19 billion during the corresponding quarter of 2023.

Commenting on the DFM’s strong performance, Helal Saeed Al Marri, Chairman of DFM, said, “As we unveil DFM’s Q1 2024 results, we take pride in our strong start to the year. 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. The impressive performance of the DFM General Index further reinforces the market’s confidence in our strategic direction, as it advanced by 4.59 per cent and the market capitalization increased 6 percent to Dh730 billion from its level at the end of 2023.”

Foreign investors maintained their strong presence through a market share of 47 percent of trading value during the first quarter and net purchases of Dh1.3 billion, while their ownership maintained 20 per cent of the market capitalisation at the end of March 2024. Additionally, institutional investors’ share of trading value reached 65 per cent with net purchases of Dh717 million. Further, during the first quarter of this year, DFM attracted 44,259 new investors, of which 85 per cent were foreign investors. These figures reflect the market participants’ confidence and strong interest in DFM’s trading and IPO opportunities.

Hamed Ali, CEO of DFM and Nasdaq Dubai, stated, “DFM’s robust performance in Q1 2024 reinforces the exchange’s position as a leading financial market in the region. The exchange continues to strive for excellence, continuously adapting to meet the evolving needs of our customers and stakeholders. With this positive momentum, 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.”