Dubai Financial Market (DFM) today announced its consolidated financial results for the first quarter of the year ending on 31st March 2024.
The organisation posted a net profit after tax of Dh89.6 million, a significant increase compared to the Dh35.6 million reported in the first quarter of 2023. The net profit before tax growth was 171% reaching Dh 95.6 million.
DFM’s total consolidated revenue increased by 64%to Dh 148.1 million in Q1 of 2024, compared to Dh90.1 million during the same period a year prior.
The total revenues include Dh62.5 million in operating income and Dh85.6 million in investment returns and other income. Meanwhile, total expenses excluding tax reached to Dh52.5 million compared to Dh54.8 million during the same period Q1 of 2023.
DFM’s trading value reached above Dh25 billion during the first quarter of 2024 compared to Dh19 billion during the corresponding quarter of 2023.
“As we unveil DFM’s Q1 2024 results, we take pride in our strong start to the year,” said Helal Saeed Al Marri, Chairman of DFM. “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 Dh 730 billion from its level at the end of 2023.”
Hamed Ali, CEO of DFM and Nasdaq Dubai, added, “DFM’s robust performance in Q1 2024 reinforces the exchange’s position as a leading financial market in the region. With this positive momentum, DFM is well-positioned to achieve its strategic objectives and further solidify its position as a global financial hub.”
The first quarter of 2024 saw DFM manage the listing of Dubai parking company Parkin, to great success, as well as the announcement of the Spinneys initial public offering (IPO).
During this period, 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,” DFM said in a statement.
DFM reported an impressive 124% growth in net profit in the 2023 financial year. The company’s net profits reached Dh329.4 million last year, compared to Dh147.1 million the twelve months prior.
