The Dubai Financial Market company (DFM), operator of the Dubai bourse, has more than doubled its net profit for the first three months of the year, as revenues jumped by over 60%.

Net profit for January to March 2024 reached AED89.6 million ($24 million), up from AED 35.3 million in the same period last year, according to the latest financial results posted on Monday.

Total profit before tax went up by 171%, reaching AED 95.6 million, compared to AED 35.3 million a year earlier, the DFM reported in a separate statement.

Total consolidated revenues reached AED 148.1 million, rising by 64% from AED 90.1 million during the first quarter of 2023. Revenues include operating income worth AED 62.5 million and investment returns and other income reaching AED 85.6 million.

The results indicated that the operator of the Dubai bourse had a strong start to the year, according to Helal Saeed Al Marri, Chairman of DFM.

He noted that the successful listing of Parkin, the first IPO of the year, reflects DFM’s commitment to bring more value assets to the market.

“The impressive performance of the DFM General Index further reinforces the market’s confidence in our strategic direction, as it advanced by 4.59% and the market capitalisation increased 6% to AED 730 billion from its level at the end of 2023.”

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com