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Dubai / WAM
The Dubai Financial Market (DFM) has announced its consolidated financial results for the first half of the year ended June 30, posting a 63% increase in its net profit to AED63.4 million compared to AED38.8 million during the corresponding period of 2021.
The net profit of the second quarter of 2022 increased by 134% to AED35.9 million compared to Q2- 2021’s level of AED15.3 million.
The company’s total consolidated revenue reached AED163.8 million in H1-2022 compared to AED136.6 million during H1-2021. The revenue comprised of AED121.4 million of operating income and AED42.4 million of investment income & others.
The company’s expenses amounted to AED100.4 million compared to AED97.8 million recorded during H1-2021. During the second quarter of 2022, the Company’s revenue reached AED85.2 million compared to AED63.2 million in the second quarter of 2021, while expenses amounted at AED49.3 million compared to AED47.9 million during Q2-2021.
Commenting on the announcement, Helal Al Marri, DFM Chairman, said, “The DFM has witnessed a positive performance driven by the increasing interest from various market participants and the deep confidence in its prospects in light of the accelerating steps to implement Dubai’s financial markets development strategy. During the first half, the DFM welcomed the listing of (DEWA), the largest initial public offering in the UAE financial markets’ history.
“Additionally, our product diversification strategy gained further momentum by launching trading of Oman Crude Oil Futures as well as new equity futures contracts. The first half also witnessed the accomplishment of key initiatives to develop the regulatory framework through the introduction of the listing and trading rules of cooperatives and special purpose acquisition companies (SPAC), which strengthens DFM ability to attract more listings and diversify investment opportunities.”
Al Marri added that the total trading value increased by 75% during the first half of 2022 to AED49.4 billion from AED28.2 billion during the same period of the year 2021, while the total market capitalisation of listed securities increased 28.2% to AED527 billion compared to end of 2021 level of AED411 billion.
The DFM maintained its attractiveness to international investors, who accounted for 47% of its trading value during the first half with net purchases of AED2.6 billion and their ownership reached to 19.8% of the total market capitalisation by the end of June 2022.
The institutional investors accounted for 53.6% of the trading value, which reflects local and international investors’ confidence in the market.
DFM has attracted 70,432 new investors during the first half of this year compared to 1,842 investors, up 38 times compared to its level at the end of the corresponding period of last year, bringing total number of investors to 921,550 investors from 212 countries at the end of June 2021. International investors accounted for 72% of the new investors. Additionally, the DFM has onboarded 426 new institutional investors during the first half, including 303 foreign institutions.