Skip to content Skip to Search
Skip navigation

DFM operator’s profit rises 150% as revenues surge

By Pramod Kumar
Dubai financial market Reuters/Amr Alfiky
Foreign investors maintained a strong presence on the DFM, with 47 percent of trading value

Dubai Financial Market Company, the operator of the Dubai stock exchange, has reported a jump in net profit of more than 150 percent, thanks to a revenue surge in the first quarter of 2024.

Net profit for the three-month period rose to AED89.6 million ($24.4 million), against AED35.3 million a year ago.

Total consolidated revenue increased 64 percent year on year to AED148 million in Q1 2024. The figure was made upn of AED62 million in operating income and AED86 million in investment returns and other income.  

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

Trading value reached more than AED25 billion in the first quarter of 2024, compared to AED19 billion a year ago.

“The impressive performance of the DFM general index reinforces the market’s confidence in our strategic direction,” said Helal Saeed Al Marri, the chairman of DFM. 

The benchmark index was up 4.6 percent, while market capitalisation rose six percent to AED730 billion compared to the end of 2023.

Foreign investors maintained a strong presence, with 47 percent of trading value in the first quarter, and net purchases of AED1.3 billion. Their ownership maintained 20 percent of the market capitalisation at the end of March. 

Institutional investors dominated trading activity, with 65 percent of trading value and net purchases of AED717 million. 

The DFM attracted 44,259 new investors in the first quarter, of which 85 percent were foreign investors.   

Latest articles

Aramco and Rongsheng have signed an agreement to potentially expand the facilities at Saudi Aramco Jubail Refinery Company (Sasref)

Aramco and Rongsheng move on chem plant expansion

Saudi Aramco is accelerating plans to expand the liquids-to-chemicals project in Jubail in collaboration with China’s Rongsheng Petrochemical Company. The companies have signed a development framework agreement to potentially expand Saudi Aramco Jubail Refinery Company (Sasref) facilities and increase investments in the petrochemical sectors of both nations. This follows a cooperation framework signed in April, where Rongsheng proposed […]

The Aramco-Bapco pipeline can transport up to 350,00 barrels per day of crude oil

BlackRock buys stake in Saudi-Bahraini oil pipeline

Bahrain’s state-run Bapco Energies has sold a minority stake in an oil pipeline linking Saudi Arabia and Bahrain to a fund managed by US investment bank BlackRock. The BlackRock Diversified Infrastructure fund purchased a stake in the Saudi Bahrain Pipeline Co (SBPC), which owns a section of the 112-km pipeline. It supplies crude oil from […]

Etihad Airways reported a 48% year-on-year rise in net profit to $232m in the first half of 2024

Etihad Airways potential IPO unlikely this year

The possible initial public offering (IPO) of Etihad Airways is unlikely to happen this year, a media report has said. Regional geopolitical instability and a plan to show investors a strong financial performance in 2024 are key factors delaying the IPO launch, Reuters reported, citing informed sources. An Etihad spokesperson said it does not comment […]

The Saudi Data and Artificial Intelligence Authority announced at a summit this week that Allam is now the largest Arabic language chat model in the world

Top Arabic chatbot title claimed by Saudi Arabia’s updated Allam

Saudi Arabia’s Arabic language artificial intelligence (AI) chat model, Allam, is now the largest Arabic-language chatbot in the world and will be available on prominent platforms by Microsoft and IBM, officials announced this week.   Allam is a “large language model”, or LLM, that was first launched by a subsidiary of the Saudi Data and Artificial […]