Page 38 - AAE PR REPORT - January 2024

1/31/24, 9:51 AM DFM's Net Profit Surges 124% In 2023 To $89.7M
The DFM General Index (DFMGI) surged 21.7% in 2023 while the company's total

revenues increased 54% year-on-year to $147.5 million (AED 541.6 million) for the whole

year. The revenue includes $94.3 million (AED 346.2 million) in operating income and
$53.2 million (AED 195.4 million) in investment returns alongside other income.

DFM introduced futures contracts on its General Index (DFMGI) in 2023, featuring the

market's most liquid and significant companies. Trading futures allow investors to tap into

top-performing indices while enhancing the market depth and liquidity.

Overall expenses were marginally higher compared to 2022, totaling $57.9 million (AED

212.2 million).

The 2023 results extend the company's fourth-quarter rally, when it recorded a net profit of

$38.9 million (AED 143.2 million), compared to $15.8 million (AED 58.1 million) in the

same period in 2022. The total revenue for the period reached $55.5 million (AED 204

million), exceeding the $30.9 million (AED 113.4 million) from 2022.

Crucial quote

"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 and expediting

the advancement of UAE capital markets," said Hamed Ali, CEO of DFM and Nasdaq
Dubai.

Market capitalization

State-owned DFM's market capitalization rose from $158.5 billion (AED 582 billion) in

2022-end to $187.3 billion (AED 688 billion) in 2023.

The sector distribution of DFM’s market capitalization is aligned to reflect Dubai’s GDP

mix with financials at 41%, utilities at 22%, real estate at 17%, industrials at 15%, and

communication services at 3.4%.

The UAE's real estate sector recorded robust growth in 2023, witnessing strong demand
despite global economic headwinds, a report showed last week. Still, a separate report by

S&P showed November that Dubai's hot property market could slow over the next 12-18

months if lingering economic pressures undermine investor demand.

https://www.forbesmiddleeast.com/money/markets/dfm-reported-124-increase-in-2023-net-profit-to-%24897m-on-strong-capital-inflows 2/3