Dubai Financial Market (DFM) net profit increased by 109 percent to AED186.2 million ($50.7 million) on the back of an increase in the number of trades, overall trade value, and an influx of new investors.
This compares to AED89 million in the corresponding period in 2022.
Total consolidated revenue reached AED351.8 million ($95.79 million), up 48 percent from AED237.8 million ($64.75 million), during the first nine months of 2023. Of this, AED214.2 million is from operating income and AED137.6 million in investment returns and other income.
Total expense was AED165.6 million, slightly higher compared to AED148.8 million in the same period ending September 2022.
The DFM General Index rose by 25 percent during the nine-month period on 2023, closing at 4,136.58. As many as 1.43 million trades were carried out, valued at AED78 billion, up 37 percent and 13 percent respectively over the same period last year.
The total market capitalisation of DFM increasing from AED576 billion in 9M 2022 to AED697 billion this year. Financials led the DFM’s capitalisation, contributing 41 percent, followed by utilities (23 percent), real estate (17 percent), industrials (14 percent) and communication services (3 percent).
Helal Saeed Al Marri, Chairman of DFM, commented: “We are pleased to report a significant increase in revenue and net income for the first nine months of the year, underscoring our unwavering commitment to diversification and our forward-thinking initiatives to position DFM as the marketplace of choice for both investors and issuers.”
Hamed Ali, CEO of DFM and Nasdaq Dubai, added: “The robust performance witnessed in the first nine months of the year reflects the resilience and strength of Dubai’s capital market. With a significant increase in our trade numbers, expanding sector diversity, and a surge in new investors, DFM is well-positioned to continue driving growth and innovation in the global financial landscape.
“Our commitment to expanding our product verticals with the introduction of new asset classes, onboarding of digital brokers for seamless trading experience, and the launch of innovative programmes such as the IPO Accelerator underscores our dedication to strengthening the overall financial ecosystem.”
DFM’s growing investor base
DFM’s current investor base crossed the one million mark following the influx of 35,357 new investors to its platform during the period. A majority, 72 percent, of which were from foreign markets representing over 200 nationalities. Institutional investors accounted for 56 percent of the trading value, with net purchases of AED1.54 billion.
Ali said the increase in the number of foreign investors is due to the success of international roadshows.
“The increase in our foreign investor base can be attributed to the success of our international roadshows,” Ali added.
“DFM’s recent roadshow in Singapore last month witnessed impressive participation, fostering global partnerships, and enhancing our international presence. We are now looking to further expand DFM’s reach as we prepare for the upcoming roadshow in New York next month.”
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