DFM records 74 percent rise in profits amid increased trading activity, investors
Date
7/30/2024 9:03:40 AM
(MENAFN) Dubai Financial Market (DFM) has reported a significant increase in its financial performance for the first half of 2024, with net profits before tax surging by 74 percent to reach AED 195.4 million. This robust growth compares favorably to the same period in 2023. The DFM attributed this impressive rise to enhanced trading activity and a notable influx of new investors. The market also hosted the annual Capital Markets Summit, which drew over 1,000 participants from around the world, further highlighting its growing influence and operational success.
In addition to the profit surge, the DFM's consolidated total revenues climbed by 40 percent, amounting to AED 305.7 million for the first half of 2024. This figure represents a substantial increase from AED 218.1 million recorded in the same period the previous year. Revenue sources were notably diverse, with AED 154 million derived from operating income and AED 151.7 million from investment returns and other sources. Despite the rise in revenue, total costs, excluding tax, also increased slightly to AED 110.3 million from AED 106 million, reflecting ongoing investment and operational expenses.
The trading landscape at the DFM saw considerable activity, with the total number of transactions reaching 1.07 million, a 22 percent increase compared to the previous year. The total trading value grew by 4 percent to AED 48 billion, although the Dubai Financial Market General Index experienced a minor decrease of 0.73 percent. During this period, the market attracted 72,583 new investors, with 85 percent coming from abroad. Institutional investors were notably active, contributing 66 percent of the total trading value, while foreign investors made net purchases totaling AED 1.2 billion. Helal Saeed Al Marri, Chairman of DFM, emphasized the market's strong performance and its role in fostering international dialogue and cooperation through successful events like the Capital Markets Summit.
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