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DFM profit doubles to $51m as trading volume surges

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.

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