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.

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.

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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.

Source: Trade Finance