DUBAI: BHM Capital, a leading financial institution in the capital markets of the United Arab Emirates, listed on the Dubai Financial Market, has announced an increase in its total trading value by 29 percent, reaching AED73.6 billion during the year 2023, compared to AED56.9 billion in 2022.
Additionally, the growth rate of its client base reached 61 percent, opening 11,100 new accounts in both Dubai Financial Market and Abu Dhabi Securities Exchange during the year, following the development of the smart onboarding system and its integration with Dubai Financial Market’s applications in the country.
Supported by the company’s strong performance, total revenues increased by 60 percent, reaching AED136.7 million in 2023 compared to AED85.3 million in 2022. As a result, the company’s net profits for the period ending on December 31, 2023, jumped by 101 percent to reach AED31.5 million, compared to AED15.7 million recorded in 2022.
The net revenues included a significant increase of 304 percent in listing ad
visory service, 160 percent in the company’s general services, and 110 percent in margin trading, along with a 33 percent rise in commission income.
The company’s total assets also rose by 61 percent, reaching AED 1.22 billion in 2023, compared to total assets of AED757.18 million in 2022. The total shareholders’ equity amounted to AED226.42 million in 2023, showing a 17 percent growth compared to AED193.2 million in 2022.
Al Hurr Mohammad Al Suwaidi, the Chairman of BHM Capital, stated, ‘The company has succeeded in maintaining its position as one of the best financial institutions locally and regionally, providing an integrated package of financial and investment services in local, regional, and global markets.’
Al Suwaidi added, “We have promising plans that we intend to execute to fully leverage the potential of our strategy and to sustain the ongoing expansion of our net profits.”
Source: Emirates News Agency