RIYADH: Dubai Financial Market Co. reported an increase of 41.7 percent in net profit to 147.1 million dirhams ($40 million) for the fiscal year ending on Dec. 31, 2022, compared to 103.8 million dirhams in 2021.
The company recorded a total revenue of 351.2 million dirhams, up 19 percent compared to the previous year’s 294.6 million dirhams.
In the fourth quarter of 2022, DFM posted a net profit of 58.1 million dirhams compared to 65.7 million dirhams in the corresponding period of 2021, according to a press release.
Its total revenue for the period reached 113.4 million dirhams, compared to 111.5 million dirhams in the fourth quarter of 2021.
Helal Al Marri, chairman of DFM said: “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 5 IPOs for leading government-related and private companies.”
The company’s board of directors also recommended the distribution of a cash dividend of 134.7 million dirhams, equivalent to 1.68 percent of the capital and 100 percent of the total retained earnings available for distribution, it added.
Moreover, the board also resolved to submit a recommendation to the annual general meeting to adopt a new fixed dividend policy, stipulating that the company annually distributes a minimum of 50 percent of its net profit as opposed to the current practice of cash dividend every two years.
DFM ended the year on a strong note with trading value increased by 24.5 percent to 90 billion dirhams compared to 2021, and the market capitalization of listed securities increased by 41.4 percent to 582 billion dirhams.
Over the past year, DFM has attracted 167,332 new investors, registering 23 times jump compared to 2021.