Dubai Financial Market (DFM) announced its consolidated financial results for the first quarter of the year ending on 31st March, 2023 posting a 30 percent increase in its net profit to AED35.6 million, compared to AED27.5 million during the corresponding period of 2022.
DFM’s total consolidated revenue has increased by 13 percent to AED88.9 million in Q1 of 2023, compared to AED78.6 million during Q1 of 2022.
The revenue comprises AED47.4 million of operating income and AED41.5 million of investment returns and other income. Meanwhile, total expenses reached AED53.3 million compared to AED51.1 million during the same period in Q1 of 2022.
Commenting on the DFM’s strong performance, 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 AED19 billion during the first quarter of 2023 compared to AED22.8 billion during the corresponding quarter of 2022. The DFM General Index advanced 2.1 percent and the market capitalisation increased 2.4 percent to AED596 billion from its level at the end of 2022. Foreign investors maintained their strong presence through a market share of 56 percent of trading value during the first quarter and net purchases of AED636 million, while their ownership reached 19 percent of the market capitalisation at the end of March 2023.
Additionally, institutional investors’ share of trading value reached 68 percent with net purchases of AED6.5 million. 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.
During the first quarter of this year, DFM attracted 14,635 new investors, of which 78 percent were foreign investors, resulting in a total investor base of 1,185,291 representing 215 nationalities. These figures reflect the market participants' confidence and strong interest in DFM's profitable trading and IPO opportunities.”
“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”,
News Source: Emirates News Agency