DFM Q1 pre-tax net profit soars 171pc to $26.03m
COMMERCIAL NEWS
Dubai Financial Market (DFM) has seen its first-quarter (Q1) 2024 net profit before tax soar 171% to AED95.6 million ($26.03 million), as its trading value reached over AED25 billion for the period. DFM’s Q1 net profit for Q1 2023 was AED35.3 million and its trading volume for the period was AED19 billion.
DFM’s total consolidated revenue increased by 64% to AED148.1 million in Q1 of 2024, compared to AED90.1 million during Q1 of 2023.
The total revenues include AED62.5 million in operating income and AED85.6 million in investment returns & other income. Meanwhile, total expenses excluding tax reached to AED52.5 million compared to AED54.8 million during the same period Q1 of 2023.
Strong start
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% and the market capitalisation increased 6% to AED730 billion from its level at the end of 2023.”
Foreign investors maintained their strong presence through a market share of 47% of trading value during the first quarter and net purchases of AED1.3 billion, while their ownership maintained 20% of the market capitalisation at the end of March 2024.
New investors
Institutional investors’ share of trading value reached 65% with net purchases of AED717 million. Further, during the first quarter of this year, DFM attracted 44,259 new investors, of which 85% 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, said: “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.”--TradeArabia News Service
