The Dubai Financial Market (DFM) announced a significant boost in its financial performance for the first quarter of 2024, with a net profit of Dh95.6 million before tax, marking a substantial 171% increase compared to the same period last year. This impressive financial growth reflects the robust activity and investor confidence within the market.
The total consolidated revenue for DFM saw a 64% rise, reaching Dh148.1 million. This figure comprised Dh62.5 million from operating income and an additional Dh85.6 million sourced from investment returns and other income. In a positive turn of financial management, total expenses, excluding tax, were reduced slightly to Dh52.5 million from Dh54.8 million in the previous year.
A significant contributor to this quarter’s success was the trading volume, which surged to Dh25 billion, up from Dh19 billion in the first quarter of 2023. This increase underscores the vibrant trading activity and the market’s appeal to investors.
Helal Saeed Al Marri, chairman of DFM, highlighted the milestone achievement of hosting the first initial public offering (IPO) of 2024 with the successful listing of Parkin. He emphasized the IPO’s role in enhancing the market’s value assets and supporting its growth and diversification strategy. The DFM General Index’s ascent by 4.59% and a 6% increase in market capitalization to Dh730 billion since the end of 2023 further exemplify the market’s strong performance and investor trust.
Foreign and institutional investors continue to play a crucial role in the market dynamics. Foreign investors accounted for 47% of the market share during the quarter, with net purchases amounting to Dh1.3 billion. Similarly, institutional investors contributed 65% to the trading value, with substantial net purchases of Dh717 billion.
DFM also reported a significant influx of new investors, with 44,259 joining in the first quarter alone, 85% of whom were foreign investors, signaling a strong international interest in Dubai’s market.
Hamed Ali, CEO of DFM and Nasdaq Dubai, expressed optimism about the market’s trajectory, stating, “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.”
This first-quarter performance sets a positive tone for the DFM as it continues to attract global investment and strengthen its position as a leading financial marketplace.
