Dubai Financial Market Sees 60% Surge in Pre-Tax Net Profit This Quarter

Post by : Omar Nasser

Photo : Dubai government media office

Dubai Financial Market (DFM) has announced its consolidated financial results for the first nine months of 2024, revealing a notable increase in net profit before tax, which surged to AED 298.7 million. This marks a substantial 60% rise compared to the same period last year.

In the first nine months of 2024, DFM experienced a 29% boost in total consolidated revenues, reaching AED 460.3 million, up from AED 356 million in the previous year. The operating income contributed AED 245.5 million, while investment returns and other income totaled AED 214.8 million. Total expenses, excluding taxes and provisions, rose slightly to AED 161.6 million, compared to AED 155.5 million during the first nine months of 2023.

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H.E. Helal Saeed Al Marri, Chairman of DFM, expressed confidence in the results, stating, “The consistent growth in new investors and the strong performance of the DFM General Index highlight the confidence both local and international investors have in Dubai’s vibrant financial ecosystem. Dubai is solidifying its status as a dynamic financial hub, capitalizing on its growth as a destination for global talent and wealth. As a key pillar of Dubai’s economic landscape, DFM contributes to the emirate’s vision of global leadership, driving key industries and creating a sustainable market environment that propels economic growth.”

In the first nine months of 2024, DFM attracted 91,151 new investors, with 85% of them being foreign, emphasizing the exchange’s international appeal. Foreign investors accounted for 49% of the total trading value during this period, with net purchases by foreign investors totaling AED 1.5 billion. The active participation of foreign investors, along with significant contributions from institutional investors—who made up 65% of the total trading value—reinforces DFM’s status as a leading financial center.

During this period, the DFM General Index (DFMGI) outperformed regional markets, increasing by 10.9% and closing at 4,503.48 points, the highest level since 2014. The total number of trades conducted in the first nine months of the year reached 1.7 million, reflecting a 20% rise from the same period last year. However, the overall trading value dipped by 6% to AED 72.7 billion.

As of September 2024, the market capitalization of DFM-listed companies stood at AED 757 billion. The sector composition shows a diverse market, with Financials leading at 42%, followed by Utilities at 20%, and Real Estate at 18%. Other sectors such as Industrials (13%) and Communication Services (4%) contribute to the market's breadth. This sector distribution underscores DFM’s commitment to diversifying its offerings and its potential to attract more companies from underrepresented industries, enhancing Dubai's appeal as a capital market.

Hamed Ali, CEO of DFM and Nasdaq Dubai, remarked, “DFM’s performance over the first nine months of 2024 reflects our strategic priorities and the strength of our market positioning. Our focus on product innovation and strategic partnerships has significantly enhanced liquidity and facilitated cross-border trading activities. Looking ahead, DFM remains dedicated to leveraging new technologies and expanding our marketplace offerings to continue delivering value to our stakeholders.”

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