Dubai Financial Market (DFM) announced its Q1 financial results, marking a 171 percent growth in net profit to AED95.6 million ($26.03 million) compared to AED35.3 million in Q1 of 2023.
Meanwhile, DFM’s total consolidated revenue saw a 64 percent increase to AED148.1 million in Q1, compared to AED90.1 million during Q1 of 2023. Operating income contributed AED62.5 million to total revenues while investment returns and other income made up AED85.6 million.
In addition, total expenses excluding tax reached AED52.5 million compared to AED54.8 million in Q1 of 2023.
DFM’s trading value reached over AED25 billion during Q1 of 2024 compared to AED19 billion during Q1 of 2023.
Market confidence
Commenting on DFM’s robust performance, Helal Saeed Al Marri, chairman of DFM, emphasized the successful listing of Parkin, the first IPO of 2024, reflecting DFM’s commitment to enabling growth and diversification within the marketplace. “The impressive performance of the DFM General Index further reinforces the market’s confidence in our strategic direction, as it advanced by 4.59 percent,” Al Marri added. Moreover, Al Marri highlighted DFM’s market capitalization, which surged 6 percent in Q1 to AED730 billion compared to the end of 2023.
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Foreign investor confidence
Foreign investors maintained a strong presence, accounting for 47 percent of trading value during Q1 and recording net purchases of AED1.3 billion. Moreover, their ownership maintained 20 percent of the market capitalization by the end of March 2024.
Meanwhile, institutional investors significantly contributed to trading activity, with a share of 65 percent and net purchases of AED717 million. During Q1, DFM attracted 44,259 new investors, with 85 percent being foreign investors, reflecting strong interest in DFM’s trading and IPO opportunities.
Hamed Ali, CEO of DFM and Nasdaq Dubai, reiterated the market’s commitment to excellence and adaptability in meeting stakeholders’ evolving needs. “With this positive momentum, DFM is well-positioned to achieve its strategic objectives and further solidify its position as a global financial hub,” Ali added.
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