Dubai Financial Market (DFM) has reported a significant increase in its net profit before tax for the period ending June 30, 2024. The first half of 2024 showed a boost in trading activity, higher trade values, and a surge of new investors. The total consolidated revenue for DFM rose by 40% to Dh305.7 million, with operating income contributing Dh154 million and investment returns and other income adding Dh151.7 million. Total expenses excluding tax also increased to Dh110.3 million compared to Dh106 million in the first half of 2023.
Trading activity on the DFM saw a notable uptick in the first half of 2024, with the total number of trades reaching 1.07 million, a 22% increase from the previous year, and the total trading value reaching Dh48 billion, a 4% rise. Despite this, the DFM General Index experienced a marginal decline of 0.73%. The exchange also attracted 72,583 new investors in the first half of 2024, with 85% of them being from foreign countries. Institutional investors were active, accounting for 66% of the trading value, with foreign investors making net purchases totaling Dh1.2 billion.
DFM had successful IPO listings in H1 2024, with Dubai’s parking operator Parkin and grocery retail operator Spinneys experiencing oversubscription levels of 165 times and 64 times, respectively. Market capitalization of DFM listed companies stood at Dh679 billion in H1 2024, reflecting Dubai’s diverse GDP mix. Financials accounted for 42% of the capitalization, followed by utilities at 20%, real estate at 18%, industrials at 13%, communication services at 4%, and other sectors making up the rest.
Chairman of DFM, Helal Saeed Al Marri, expressed pride in the robust performance of DFM in the first half of 2024 and highlighted the exchange’s commitment to innovation and expanding its services and products offerings. CEO Hamed Ali attributed DFM’s growth to strategic initiatives and investor confidence, emphasizing the success of public listings and the increase in foreign investors. The exchange aims to continue this momentum and unlock new opportunities for stakeholders.
Overall, the first half of 2024 has been a period of growth and success for Dubai Financial Market, with increased trading activity, higher revenues, and a growing investor base. The exchange’s performance reflects its commitment to innovation and strengthening its position as a leading financial market in the region. With a diverse range of listed companies and successful IPO listings, DFM is poised to continue its growth trajectory and provide value to its stakeholders in the coming months.
