Skip to content Skip to Search
Skip navigation

DFM profit doubles to $51m as trading volume surges

By Pramod Kumar
Drake & Scull's trading ceased in November 2018 when the company disclosed losses exceeded 75 percent of its capital Wam
Drake & Scull's trading ceased in November 2018 when the company disclosed losses exceeded 75 percent of its capital

Dubai Financial Market (DFM) reported a 109 percent rise in net profit to AED186.2 million ($50.69 million) in the first nine months of the year, compared to AED89 million a year earlier.

The profit was driven by a significant increase in trade volume and value, as well as an influx of new investors, according to a statement.

Revenue increased by 48 percent to AED351.8 million in the year to September 2023 from AED237.8 million a year ago.

Total expenses reached AED165.6 million compared to AED148.8 million in the same period ending September 2022.

The total number of trades increased to 1.43 million in the first nine months of 2023, rising 37 percent annually. Concurrently, the total trading value rose to AED78 billion, up 13 percent over the same period last year.

The DFM general index gained 25 percent during the period, closing at 4,136.58 points.

Market capitalisation reached AED697 billion in the opening nine months of 2023 from AED576 billion in the nine months of 2022.

Net profit for the third quarter of 2023 stood at AED74.19 million, surging 195 percent, compared to AED25.16 million from Q3 a year ago.

The DFM commenced operations on March 26, 2000, and was listed on March 7, 2007.

Latest articles

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]

One of the four restaurants in the Palazzo Versace Dubai hotel, which is listed on the Emirates Auction website

Palazzo Versace hotel sale aims to ride Dubai tourism wave

Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […]

Wind turbines in Bozcaada, Turkey. The country wants to strengthen its renewable energy sector by developing the solar power market

Turkey’s renewables scheme given $1bn by World Bank

The World Bank has signed a $1 billion programme with Turkey to fast-track the nation’s renewable energy expansion initiatives. The financing comprises €600 million ($657 million) in loans from the International Bank of Reconstruction and Development, $30 million from the clean technology fund, and $3 million in grant funding from the World Bank’s energy sector management assistance […]

Mark Foster, who played professional rugby for Gloucester and now heads LIV Golf, says the sport is ripe for investment

LIV Golf chief says rugby next in line for Gulf funds

Talks are taking place with sovereign wealth funds and private equity entities about potential Gulf investment in rugby, according to Mark Foster, senior vice president of finance operations at Saudi-backed LIV Golf Investments. Foster, a former Gloucester and Exeter Chiefs professional rugby player, told The Good the Bad & the Rugby podcast that discussions have […]