Dubai Financial Market Records Stellar Q1 2024 Performance with 171% Increase in Net Profit

UAE, 30 April, 2024 : Dubai Financial Market (DFM) has reported a remarkable 171 percent increase in net profit before tax for the first quarter of 2024, reaching AED 95.6 million compared to AED 35.3 million in the same period of 2023.

Total consolidated revenue surged by 64 percent to AED 148.1 million in Q1 2024, up from AED 90.1 million in Q1 2023. This growth includes AED 62.5 million in operating income and AED 85.6 million in investment returns and other income. Meanwhile, total expenses excluding tax stood at AED 52.5 million compared to AED 54.8 million in Q1 2023.

DFM witnessed a trading value exceeding AED 25 billion in Q1 2024, compared to AED 19 billion in the same period last year.

Chairman of DFM, Helal Saeed Al Marri, highlighted the successful listing of Parkin, the first IPO of 2024, as a testament to the market's commitment to growth and diversification. He also emphasized the market's confidence in DFM's strategic direction, reflected in the 4.59 percent advance of the DFM General Index and a 6 percent increase in market capitalization to AED 730 billion.

Foreign investors remained active, holding 47 percent of trading value and making net purchases of AED 1.3 billion in the first quarter. Institutional investors accounted for 65 percent of trading value, with net purchases of AED 717 million. DFM attracted 44,259 new investors, with 85 percent being foreign investors, indicating strong interest in trading and IPO opportunities.

CEO of DFM and Nasdaq Dubai, Hamed Ali, expressed confidence in DFM's strategic objectives and its position as a global financial hub. He reiterated the exchange's commitment to delivering sustainable value to stakeholders amidst positive momentum.

Source : www.wam.ae