Dubai Financial Market Sees Major Profit Surge in Q3 2024
The Dubai Financial Market (DFM), Dubai's stock exchange operator, has achieved significant profit growth in the third quarter of 2024, while various financial indicators showed strengthening. The DFM recorded a 27% increase in net profit, reaching 94 million dirhams ($26 million), compared to 74 million dirhams in the same period last year. Revenue also expanded, with an annual increase of 12%, reaching 155 million dirhams, driven by a 20% growth in trading volume. In the third quarter, trading volume rose to 1.7 million, significantly contributing to revenue strengthening, although the total trading value fell by 6% year-on-year to 73 billion dirhams.
Data for the first nine months also paints a positive picture: revenues increased by 29% reaching 460 million dirhams, compared to 356 million dirhams recorded in the same period last year. Net profit increased by 48%, reaching 276 million dirhams. Operating income was 246 million dirhams, while investment returns and other revenues totaled 215 million dirhams. These results indicate that the Dubai Financial Market has successfully harnessed increasing trading activity and further strengthened its market position.
The growth in revenue is partly due to the growing appeal of the Dubai stock exchange in recent times, contributed by the ongoing expansion of the local economy and the activity of retail and institutional investors. As one of the most dynamically developing financial centers in the Arab world, Dubai remains an attractive destination for both local and international investors, especially through strategic projects that diversify and strengthen economic foundations.
From a forward-looking perspective, the DFM maintains a positive trajectory as the growth of revenue sources and business results aligns with the long-term strategy aimed at further strengthening and diversifying the financial market. The expansion experienced in recent times is a clear sign that Dubai's financial infrastructure is robustly developing and ready to adapt to global financial market challenges, as well as to meet modern investment needs.
Dubai Financial Market's business model and development strategy indicate that despite market volatility, it can maintain stable growth. The growth of strong revenues and investment returns creates opportunities for the DFM to introduce further innovations and expand its services to remain attractive to investors.
