Monday 27 May 2024 Abu Dhabi UAE
Prayer Timing
Today's Edition
Today's Edition
Business

Dubai Financial Market reports 171% increase in Q1 2024 net profit

Dubai Financial Market reports 171% increase in Q1 2024 net profit
29 Apr 2024 22:04

DUBAI (WAM)

Dubai Financial Market (DFM) today announced its consolidated financial results for the first quarter of the year ending on 31st March 2024, posting a net profit before tax growth of 171 per cent, reaching AED 95.6 million, compared to AED 35.3 million during the corresponding period, of 2023.

DFM’s total consolidated revenue increased by 64 per cent to AED 148.1 million in Q1 of 2024, compared to AED 90.1 million during Q1 of 2023.

The total revenues include AED 62.5 million in operating income and AED 85.6 million in investment returns and other income. Meanwhile, total expenses excluding tax reached AED 52.5 million compared to AED 54.8 million during the same period, Q1 of 2023.

DFM’s trading value reached above AED 25 billion during the first quarter of 2024 compared to AED 19 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 the 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 capitalisation increased 6 per cent to AED 730 billion from its level at the end of 2023.”

Foreign investors maintained their strong presence through a market share of 47 per cent of trading value during the first quarter and net purchases of AED 1.3 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 AED 717 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."

Source: WAM
Copyrights reserved to Aletihad News Center © 2024