Dubai Financial Market (DFM) has reported a 74 percent increase in net profit before tax, reaching AED195.4 million for the first half of 2024. The market saw a rise in trading activity, higher trade values, and an influx of new investors.
DFM’s total consolidated revenue grew by 40 percent to AED305.7 million, up from AED218.1 million in the same period of 2023.
The revenue comprised AED154 million from operating income and AED151.7 million from investment returns and other income.
Helal Saeed Al Marri, Chairman of DFM said: “We are proud to report a robust performance in the first half of 2024, reflecting the solid foundation we’ve built. The success of our Capital Market Summit underscores our commitment to fostering a dynamic marketplace that encourages global dialogue and collaboration.
“We will continue to deliver value for our stakeholders by focusing on innovation, strengthening our infrastructure, and diversifying our services and products offerings. These efforts reinforce the exchange’s position as a leading financial market in the region, solidifying Dubai’s stature as a key player on the global financial stage.”
The market attracted 72,583 new investors, with 85 percent from foreign countries. Institutional investors accounted for 66 percent of the trading value, with net purchases by foreign investors totalling AED1.2 billion.
Dubai Financial Market IPO success
DFM hosted two successful IPOs in the first half of 2024. Parkin, Dubai’s parking operator, saw its shares surge over 30 percent upon debut, with an oversubscription level of approximately 165 times.
Spinneys, a premium grocery retail operator, also went public with its offering oversubscribed by 64 times.
The market introduced several initiatives, including ARENA by DFM, a platform for IPOs, and an enhanced iVestor App for retail investors.
Hamed Ali, CEO of DFM and Nasdaq Dubai added “The success of public listings from both government and private entities highlights the depth and resilience of our markets. Additionally, the increase in our foreign investor base can be attributed to the success of our international roadshows, showcasing global appeal and robust investment opportunities within Dubai’s financial markets. We look forward to continuing this momentum and unlocking new opportunities for our stakeholders.”
The market capitalisation of DFM listed companies stands at AED679 billion, with the financial sector dominating at 42 percent of the total, utilities at 20 percent, real estate at 18 percent, industrials at 13 percent, communication services at 4 percent, with other sectors, including consumer staples, making up the remainder.
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