BHM Capital Financial Services posted a 27% jump in total revenue to $56.1 million (AED 205.98 million) for the full year 2025, according to results the Dubai-listed firm released Sunday. Net profit rose 14.94% to $11.7 million (AED 43.08 million), compared with $10.2 million (AED 37.48 million) the prior year.The numbers represent a rebound in top-line momentum after a year of more modest gains. In 2024, BHM Capital grew revenue by roughly 19% and profit by a similar margin. Before that, 2023 was a breakout year for the company, when net profit more than doubled and revenues climbed 60% on the back of a surge in listing advisory work and margin trading.Balance Sheet Crosses $547 Million for the First TimeTotal assets grew 31.12% to $547 million (AED 2.01 billion) at the end of 2025, up from $419 million (AED 1.54 billion) a year earlier, the company said. Three years ago, in 2022, total assets stood at roughly $207 million (AED 760 million), meaning the firm's balance sheet has grown nearly threefold over that period.Chief Executive Abdel Hadi Al Sa'di acknowledged a difficult operating environment in his comments on the results. "These achievements come at a time when global and regional markets are navigating exceptionally challenging conditions," he said.[#highlighted-links#] "Nevertheless, we remain optimistic about the outlook of our markets and our industry. BHM Capital continues to operate with strength and stability, maintaining business momentum while pursuing... expansion initiatives."The more striking balance sheet move was in shareholders' equity, which nearly doubled to $138.6 million (AED 509.24 million) from $71.7 million (AED 263.44 million), a 93.30% increase. That gain far outpaces what net profit alone could explain, a gap the company did not address in its announcement. The increase likely reflects a capital raise or equity issuance during the year, though BHM Capital offered no breakdown of the specific drivers.Profit Margin Narrows as Costs RiseRevenue grew nearly 27%, but net profit grew at only 15%, pointing to higher operating expenses relative to income. The company attributed top-line growth to increased trading activity, expansion of financial services, and continued client acquisition, but provided no itemized breakdown of costs in its press release.That gap between revenue growth and profit growth is worth watching. In 2023, the firm managed to grow both at roughly similar rates. In 2025, the divergence suggests either higher headcount costs, platform investment, or increased competition pushing up client acquisition expenses, though none of those factors were confirmed in the results announcement.Al Sa'di pointed to digital platforms and new financial products as growth priorities going into 2026. "We remain focused on expanding our market presence, enhancing our digital platforms, and introducing... financial solutions that meet the evolving needs of investors," he said. "Looking ahead to 2026, we aim to build on this momentum and achieve even stronger results."BHM Capital Captures Over 40% of New DFM AccountsOn the retail side, BHM Capital said it opened almost 35,000 new trading accounts during 2025, representing approximately 40% of the 86,473 total new accounts opened across the Dubai Financial Market for the year. The firm said this makes it the leading broker on the exchange for attracting new investors.The UAE capital markets have become a busy battleground for financial firms. Interactive Brokers opened an office in the Dubai International Financial Center in late 2024, citing surging regional demand, and CFD brokers have flocked to Dubai in growing numbers, though most hold only limited-scope licenses that allow marketing but not full local operations.The retail appetite for UAE markets has been increasingly evident across the industry. Capital.com reported that 52% of its H1 2025 global trading volume came from the MENA region, with UAE traders driving more than 70% of that figure alone.Institutional Reach Underpins Retail GainsBHM Capital is listed on the DFM and regulated by the UAE Capital Market Authority. Beyond retail brokerage, the firm operates in market making, prime brokerage, fixed income, and corporate advisory. In 2022, it facilitated Swissquote's access to securities listed on the Dubai Financial Market through its Direct Market Access route, an early example of its push to serve global institutions seeking regional exposure.The firm also ranked first on the DFM by traded volume in December 2025, capturing a 13.41% market share with 1.32 billion shares traded, according to previously published data. This article was written by Damian Chmiel at www.financemagnates.com.

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