Dubai Financial Market (DFM) Company has showcased an impressive 124% in net profit in 2023. The company’s net profits reached Dh329.4 million last year, compared to Dh147.1 million the twelve months prior.
The growth was attributed to an uptick in trading activities, capital inflow and a notable influx of new investors. This was complemented by the”introduction of an enhanced digital platform, the launch of an IPO accelerator program and the implementation of various innovative market initiatives.”
In light of the positive results, the DFM board has proposed a cash dividend of Dh280 million, representing 3.5% of the capital and 95% of the total retained earnings available for distribution.
The annual results followed a very successful fourth quarter for the company. In Q4 of 2023, DFM recorded a net profit of Dh143.2 million, compared to Dh58.1 million in Q4 of 2022. The total revenue for the quarter reached Dh204 million in 2023.
“The Board is pleased to witness the robust outcomes stemming from our proactive initiatives and the substantial progress that DFM has made towards redefining our capital market and business landscape,” said Helal Al Marri, Chairman of DFM.
In 2023, DFM General Index reported a growth of 21.7% while DFM PJSC reported total revenues of Dh 541.6 million for the full year, a 54% increase from 2022. The revenue includes Dh346.2 million in operating income and Dh195.4 million in investment returns and other income.
Meanwhile, the overall expenses amounted to Dh212.2 million, compared to Dh204.1 million during the corresponding period the year prior.
“The year 2023 stands as a pivotal chapter in DFM’s journey,” said Hamed Ali, CEO of DFM and Nasdaq Dubai. “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.”