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Dubai Financial Market announces 30% upsurge in Q1 2023 net profit to Dh35.6 million
Revenue comprises Dh47.4 million of operating income and Dh41.5 million of investment returns
The DFM General Index advanced 2.1 per cent and the market capitalisation increased 2.4 per cent to Dh596 billion from its level at the end of 2022. - KT file
Dubai Financial Market (DFM) on Friday announced that it posted a net profit of Dh35.6 million for the first quarter of the year ending on March 31, 2023, a 30 per cent increase compared to Dh27.5 million during the corresponding period of 2022.
DFM’s total consolidated revenue has increased by 13 per cent to Dh88.9 million in Q1 of 2023, compared to Dh78.6 million during Q1 of 2022.
The revenue comprises Dh47.4 million of operating income and Dh41.5 million of investment returns and other income. Meanwhile, total expenses reached Dh53.3 million compared to Dh51.1 million during the same period in Q1 of 2022.
Helal Saeed Al Marri, Chairman of DFM. - KT file
Helal Saeed Al Marri, Chairman of DFM, said: “As we announce DFM’s Q1 2023 results, we are proud to say that we have started the year on a strong note. Our unwavering commitment to our investors, stakeholders, and customers has enabled us to navigate through a challenging environment and achieve growth. DFM’s trading value reached Dh19 billion during the first quarter of 2023 compared to Dh22.8 billion during the corresponding quarter of 2022. These results are a testament to the hard work and dedication of our team and the resilience of our business. We remain focused on delivering long-term value to all our stakeholders and look forward to the rest of the year with confidence.”
The DFM General Index advanced 2.1 per cent and the market capitalisation increased 2.4 per cent to Dh596 billion from its level at the end of 2022. Foreign investors maintained their strong presence through a market share of 56 per cent of trading value during the first quarter and net purchases of Dh636 million, while their ownership reached 19 per cent of the market capitalisation at the end of March 2023.
Additionally, institutional investors’ share of trading value reached 68 per cent with net purchases of Dh6.5 million. During the first quarter of this year, DFM attracted 14,635 new investors, of which 78 per cent were foreign investors, resulting in a total investor base of 1,185,291 representing 215 nationalities.
“DFM’s exceptional performance in Q1 2023 reinforces its position as a leading financial market in the region. The exchange continues to strive for excellence, ensuring that it meets the ever-changing needs of its customers and stakeholders. With the current positive momentum, DFM is well-positioned to achieve its strategic objectives and reinforce its role as a global financial hub. We look forward to the future with confidence, and we remain committed to delivering sustainable value to all our stakeholders”, Al Marri said.
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