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Dubai Financial Market announces 74% rise in pre-tax net profit for the first half of 2024
Total consolidated revenue rose 40% to Dh305.7 million
Dubai Financial Market (DFM) on Monday announced that its net profit before tax grew to Dh195.4 million for the period ended June 30, 2024, marking a significant 74 per cent increase over the same period in 2023.
The first half of 2024 saw a increase in trading activity, higher trade values, and a wave of new investors.
DFM’s total consolidated revenue rose by 40 per cent to Dh305.7 million in the first half of 2024, up from Dh218.1 million in the same period of 2023. The revenue includes Dh154 million from operating income and Dh151.7 million from investment returns and other income. For the same period, the total expenses excluding tax increased to Dh110.3 million compared to Dh106 million in H1 2023.
The first half of 2024 saw a significant boost in trading activity on the DFM, with the total number of trades reaching 1.07 million, reflecting a 22 per cent increase compared to the same period in the previous year. Additionally, the total trading value rose by 4 per cent to Dh48 billion. The DFM General Index declined marginally by 0.73 per cent.
Expanding investor base
In the first half of 2024, DFM attracted 72,583 new investors, 85 per cent of which were from foreign countries. Institutional investors were particularly active, accounting for 66 per cent of the trading value, with net purchases by foreign investors totaling Dh1.2 billion.
DFM achieved remarkable success in H1 2024, with its IPO listings, In March, Dubai’s parking operator Parkin surged over 30 per cent upon its public debut, achieving an unprecedented oversubscription level of approximately 165 times for all tranches combined, a record for the exchange. In May, Spinneys, a premium grocery retail operator, also went public with its offering oversubscribed by 64 times. The offering saw significant interest from retail investors, with the UAE retail offering being increased consequently.
Market capitalisation of DFM listed companies stands at Dh679 billion in H1 2024. Reflecting Dubai’s diverse GDP mix, the sector distribution by market capitalisation stands as follows: Financials at 42 per cent, Utilities at 20 per cent, Real Estate at 18 per cent, Industrials at 13 per cent, Communication Services at 4 per cent, with other sectors, including Consumer Staples, making up the remainder.
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.”
Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “DFM’s steady growth in the first half of 2024 is a testament to our strategic initiatives and the confidence of our investors. Our commitment to innovation is driving new opportunities for both companies and investors, as exemplified by the announcement of ARENA and the enhanced iVestor App. 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.”
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