Dubai Financial Market Company (PJSC) has announced its consolidated financial results for the fiscal year ending on December 31, 2023. The company experienced a significant increase in net profit, which rose by 124 percent to AED329.4 million ($89.9 million) compared to AED147.1 million in the previous year. DFM had a successful year in 2023, driven by a surge in trading activities, capital inflow, and an influx of new investors. According to the Emirates News Agency (WAM), these positive developments were supported by the introduction of an enhanced digital platform, the launch of an IPO accelerator program, and the implementation of various innovative market initiatives.
During the Board meeting, the Directors approved the annual results, which will be presented for ratification at the upcoming Annual General Assembly Meeting. The Board has also proposed a cash dividend of AED280 million, representing 3.5 percent of the capital and 95 percent of the total retained earnings available for distribution.
DFM General Index records 21.7 percent growth
As one of the top-performing exchanges globally, the DFM General Index reported a growth of 21.7 percent. Additionally, DFM PJSC recorded total revenues of AED541.6 million for the full year of 2023, marking a 54 percent increase compared to AED351.2 million in the previous year. The revenue consists of AED346.2 million in operating income and AED195.4 million in investment returns and other income. Meanwhile, the overall expenses amounted to AED212.2 million, compared to AED204.1 million in the corresponding period of December 2022.
Strong Q4 2023 performance
In the fourth quarter of 2023, the company achieved a net profit of AED143.2 million, demonstrating its continued strong performance compared to AED58.1 million in the corresponding period of 2022. The total revenue for the quarter reached AED204 million, surpassing the AED113.4 million reported in Q4-2022.
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