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Dubai bourse operator’s 2023 profit up 124% to $90m

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 Company, the operator of the Dubai bourse, said net profit jumped 124 percent to AED329.4 million ($89.68 million) last year.

The earnings surge was driven by a substantial increase in trading activities, capital inflow and an influx of new investors.

Total revenue reached AED541.6 million in 2023, an increase of 54 percent from last year’s AED351.2 million. This includes AED346.2 million in operating income and AED195.4 million in investment returns and other income.

In the fourth quarter of 2023, the company reported a net profit of AED143.2 million, an increase of 146.47 percent. The total revenue was AED 204 million, exceeding the AED 113.4 million in Q4 2022.

“Our fiscal results not only highlight the robustness of our operational framework but also underscore the significant strides we are making in transforming our business, exploring new horizons, and expediting the advancement of UAE capital markets,” said Hamed Ali, CEO of Dubai Financial Market (DFM) and Nasdaq Dubai.

One of the best-performing exchanges globally, the DFM general index reported a growth of 21.7 percent.

In 2023, the market saw the launch of two initial public offerings (IPOs) – Dubai Taxi Company and Al Ansari Financial Services. The two offerings raised AED1.97 billion.

DFM’s market capitalisation grew to AED688 billion last year from AED582 billion in 2022.

Foreign investors contributed 47 percent of DFM’s trading value, with net purchases totalling AED 5.1 billion.

The bourse saw an addition of 62,676 new investors – 73 percent of whom were foreign investors – expanding the current investor base of over a million individuals of 200 nationalities.

DFM board proposed a cash dividend of AED280 million, comprising 95 percent of the total retained earnings available for distribution.

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