Dubai Financial Market Reports 74% Surge in H1 2024 Net Profit to AED 195.4M

Post by : Elena Malik

Dubai Financial Market (DFM) has announced its financial results for the first half of 2024, revealing a substantial 74% increase in net profit before tax, reaching AED 195.4 million. This impressive growth follows a period of heightened trading activity, expanded investor base, and significant market events.

Key Financial Highlights

DFM’s total consolidated revenue surged by 40% to AED 305.7 million, up from AED 218.1 million in the same period last year. This revenue comprised AED 154 million from operating income and AED 151.7 million from investment returns and other sources. Total expenses, excluding taxes, increased to AED 110.3 million, compared to AED 106 million in H1 2023.

Trading Activity and Investor Engagement

The market saw a notable boost in trading metrics, with the total number of trades rising to 1.07 million, a 22% increase from the previous year. The total trading value also saw a 4% rise, reaching AED 48 billion, though the DFM General Index experienced a slight decline of 0.73%.

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In the first half of 2024, DFM attracted 72,583 new investors, with 85% being foreign. Institutional investors played a significant role, accounting for 66% of the trading value, and foreign investors’ net purchases amounted to AED 1.2 billion.

Major Events and Initiatives

DFM hosted its annual Capital Market Summit, drawing over 1,000 global delegates. This event highlighted Dubai’s status as a leading global financial hub. Additionally, DFM’s roadshow in London, conducted in partnership with HSBC’s GCC Exchanges Conference, showcased investment opportunities and facilitated over 270 interactions with global investors.

The exchange also saw success with its IPO listings, including Dubai's parking operator Parkin, which saw a 30% surge and an oversubscription of 165 times. Another notable IPO was Spinneys, which experienced a 64-fold oversubscription and strong retail investor interest.

Innovative Developments

DFM introduced several market initiatives, including ARENA by DFM, a new platform designed to facilitate capital raising through various assets, including equity and debt. Additionally, the enhanced iVestor App was launched, aimed at improving financial management tools for retail investors.

Market Capitalization and Future Outlook

As of H1 2024, the market capitalization of listed companies on DFM stands at AED 679 billion. The sector distribution highlights a diverse mix, with Financials leading at 42%, followed by Utilities (20%), Real Estate (18%), and Industrials (13%).

Hamed Ali, CEO of DFM and Nasdaq Dubai, expressed confidence in the market’s future, attributing the growth to strategic initiatives and strong investor confidence. The success of recent public listings and increased foreign investment underscores the exchange's growing global appeal and robust market opportunities.

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