Dubai Financial Market Company posts 41.7% rise in net profit in 2022

Dubai Financial Market (DFM) Company has announced a 41.7 per cent rise in net profit – equalling Dhs147.1m – for the fiscal year ending December 31, 2022.

Net profit rose against Dhs103.8n registered in 2021.

Read: Dubai Financial Market Company posts Dhs103.8m net profit for 2021, dipping 24.7% y-o-y

Revenues for the year 2022 equated to Dhs351.2m, up 19 per cent compared to Dhs294.6m recorded in 2021.

#Dubai Financial Market Company registers an increase of 41.7% in net profit to AED 147.1 million compared to AED 103.8 million in 2021.https://t.co/j45ebIMVxa pic.twitter.com/yg5ktdgLuG

— Dubai Media Office (@DXBMediaOffice) February 1, 2023

In the fourth quarter of 2022, the company posted a net profit of Dhs58.1m against Dhs65.7m in the corresponding period of 2021, while its Q4 revenue reached Dhs113.4m compared to Dhs111.5m in Q4 2021.

The Board of Directors recommends a cash dividend of Dhs134.7m and proposes a new fixed dividend policy with a minimum of 50 per cent of the profits annually, the company said in a statement on Wednesday.

DFM ended 2022 with a 24.5 per cent rise in trading value to equal Dhs90bn compared to 2021, and a 41.4 per cent surge in the market capitalisation of listed securities to reach Dhs582bn.

Foreign investors contributed 48.7 per cent of trading activity with net purchases of Dhs5bn. Meanwhile, the DFM attracted 167,332 new investors, bringing its investor base to over one million from 212 nationalities.

“2022 has been a promising year for DFM. Our relentless focus on our capital markets development strategy has borne fruit, making DFM one of the most active markets globally for new IPOs and listings with the successful listing of five IPOs for leading government-related and private companies,” said Helal Al Marri, chairman of DFM Company.

“We also launched a new general index that provides global best practices for indices and greater transparency for investors. DFM has also intensified its efforts to diversify asset classes with the introduction of trading in crude oil contracts (Micro Oman Crude Oil Futures) and the launch of new equity futures, strengthening its position as one of the leading regional markets in terms of diversification of investment opportunities and asset classes.”