Official name
BHM Capital Financial Services PSC
DFM · BHMCAPITAL
BHM Capital Financial Services PSC
- Research depth
- Detailed review in preparation
- Sector lens
- Financial services and insurance
- Reporting context
- FY2025 audited consolidated; Q1 2026 issuer release only
Company overview
- Exchange
- DFM
- Ticker
- BHMCAPITAL
- ISIN
- AEA006001019
- Market identifier code (MIC)
- XDFM
- Stable research ID
- DFM-BHMCAPITAL
- Industry evidence
- Capital-markets brokerage, margin lending, market making, asset management and advisory
- Instrument type
- Listed equity
- Research status
- Detailed review in preparation
- Latest financial period
- FY2025 audited consolidated; Q1 2026 issuer release only
- Identity evidence checked
- 2026-08-11
- Identity checked
- Identity revalidation is due; this dated record is not proof of current listing status
- Listing lifecycle
- Primary active route confirmedA dated identity record does not prove the current listing state after its verification date.
Issuer participationProfile foundation available
BHM Capital Financial Services PSC · What the issuer can provide
- business and research review
- current identity confirmation
Why this company is in the directory
Coverage follows a reconciled listed-security identity and dated evidence. Inclusion describes research scope only; it is not a ranking, recommendation or claim of complete financial coverage.
- Identity reconciliation
- Official exchange route verified before public inclusion
- Current public research layer
- Company profile published · detailed review in preparation
- Evidence boundary
- Identity record checked: 2026-08-11
Company evidence map
Open a card to inspect its public evidence. Missing, stale, conflicting or unavailable data is never replaced with an estimate.
Identity-only public coverage; no completed research review is claimed.Stale
Open the Company BriefListed-security identity
Revalidation is due; the dated record is not proof of current listing status.
Checked: 2026-08-11→AvailableIssuer profile
Verified public issuer fields are available.
→AvailableSource documents
3 source documents are linked to public facts.
→MissingCompany activity
No linked activity currently passes every public source-document check.
→AvailableOfficial sources
A rights-reviewed official identity source is linked.
→Public identity dossier
Verified listing identity
The fields below come from the current public company registry and any human-published issuer profile. Empty issuer-contact fields stay visibly missing until source and publication-rights review are complete.
- Official listed name
- BHM Capital Financial Services PSC Available
- Exchange
- DFM Available
- MIC
- XDFM Available
- Ticker
- BHMCAPITAL Available
- ISIN
- AEA006001019 Available
- Instrument
- Listed equity Available
- Sector
- Financial services and insurance Available
- Industry
- Capital-markets brokerage, margin lending, market making, asset management and advisory Available
- Identity checked
- 2026-08-11 Available
- Official website
- Missing Missing
- Investor relations
- Missing Missing
- Registered address
- Missing Missing
- Public contacts
- Missing Missing
Company activity context
Only exact-security, human-published activity that passes every public source-document check can appear here.
No linked update currently passes every public gate.
Open the full chronologyPublic identity passport
Required identity fields are shown individually with their evidence state. A public link is not reuse permission, and a blank is never converted to a guess.
Ticker
BHMCAPITAL
Exchange and MIC
DFM · XDFM
ISIN
AEA006001019
Instrument type
Listed equity
Sector and industry
Financial services and insurance · Capital-markets brokerage, margin lending, market making, asset management and advisory
Listing status
Primary active route confirmed
Official website
Not available in the public evidence layer
Investor relations
Not available in the public evidence layer
Registered address
Not available in the public evidence layer
Public email
Not available in the public evidence layer
Public phone
Not available in the public evidence layer
Business description
Not available in the public evidence layer
Verified issuer profile
A verified public issuer profile has not been published yet.
Business model
BHM Capital earns brokerage commissions, interest on securities-backed client margin loans, market-making/liquidity-provider and stock-lending fees, asset-management and advisory fees, and gains on a proprietary securities portfolio. Client deposits and asset-management balances are not shareholder cash. Economics depend on trading activity, margin-book scale and collateral, funding spread, market volatility, mandates, regulatory capital and risk controls.
BHM Capital — where half the income now comes off the balance sheet
Half the income now comes from the balance sheet, not from client trades
In FY2021 commissions and advisory supplied 62.97% of what BHM Capital earned and margin lending 25.52%. By FY2025 those shares had crossed over: commissions 31.90%, margin income 50.15%. In absolute terms margin income went from AED 16.677 million to AED 103.308 million while commission and advisory moved only from AED 41.155 million to AED 65.706 million. The firm still calls itself a broker, and it is; but the larger half of its revenue is interest on money lent to clients against their own shares, and that money has to be borrowed first.
Sixty-two fils of every dirham of margin income goes to the lender
Finance charges rose from AED 0.636 million in FY2021 to AED 2.905 million, AED 10.055 million, AED 34.734 million and AED 64.180 million in FY2025 — an 84.78% jump in the final year alone. Set against margin income they absorbed 3.81%, 13.18%, 21.72%, 40.56% and finally 62.12%. Borrowings grew over the same span from AED 4.243 million to AED 619.436 million, comprising a AED 405.000 million overdraft and a AED 214.436 million demand loan, every dirham of it short dated. That is why total income tripled between FY2021 and FY2025, rising 215.2% to AED 205.982 million, while profit margin on that income slipped from 25.85% in FY2023 to 20.91% in FY2025 even as profit itself grew from AED 12.985 million to AED 43.077 million.
The proprietary book outgrew the shareholders' capital
Fair-value investments stood at AED 524.408 million at end-2025 against equity of AED 509.236 million. A year earlier the whole book was AED 101.480 million and its quoted portion just AED 8.980 million; that quoted portion is now AED 431.908 million. A further AED 92.500 million, 17.64% of the book, is unquoted Level 3 valued off a price-to-book multiple. Net gains on this book were AED 21.377 million, 10.38% of total income. Liquidity-provider receivables of AED 191.834 million and payables of AED 188.819 million net to AED 3.015 million, but gross they equal 74.75% of equity.
Two different balance sheets exist for the same year
The FY2024 accounts as issued reported total assets of AED 1,204.340 million and operating cash flow of AED 46.345 million. The comparative column printed inside the FY2025 audit shows AED 1,536.111 million and AED 50.326 million for the same year — a difference of AED 331.771 million in assets that the retained filings do not explain with a restatement note. A second gap runs the same way: the preliminary FY2025 release put assets at AED 1.816 billion against AED 2.014 billion audited, and the Q1 2026 release states equity of AED 523 million against AED 509.236 million audited three months earlier, with no interim statement to bridge it.
The capital grew, but not out of profit
During FY2025 issued capital reached AED 400 million through AED 200 million of new cash shares and 26.569 million bonus shares, which is why equity almost doubled from AED 263.440 million to AED 509.236 million while profit added only AED 43.077 million. The AGM of 20 April 2026 then approved five fils a share in cash, AED 20 million in total, plus a 15% bonus issue of 60 million shares, with ex-date 29 April, record date 30 April and cash payment on 13 May. The same meeting authorised over-the-counter derivatives, commodity contracts and spot currency brokerage, and cancelled the Al Waqan purchase.
The evidence stops short in three specific places
No reviewed interim statements for Q1 or H1 2026 have been located, so the quarterly revenue of AED 61.9 million and profit of AED 13.8 million remain management figures with no audited balance sheet behind them. The AED 21 billion of pledged securities is a collateral market value, not a loan principal, a loan-to-value distribution or a recovery estimate; the 0.0264% recorded loss allowance cannot be read as a forward loss rate. And traded volume, market share, fee per trade, the average margin yield and the profit of each business line are nowhere in the file.
Key reported figures
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 65.356 | 85.336 | 136.727 | 162.634 | 205.982 |
| Profit Owners | 12.985 | 19.823 | 35.344 | 37.479 | 43.077 |
| Total Assets | 583.975 | 757.182 | 1220.607 | 1536.111 | 2014.129 |
| Equity Owners | 190.183 | 193.214 | 226.422 | 263.44 | 509.236 |
| Operating Cash Flow | 5.104 | -14.877 | -298.621 | 50.326 | 52.367 |
| Revenue | 61.9 | ||||
| Profit Owners | 13.8 | ||||
| Gross Debt | 619.436 | ||||
| Cash | |||||
| Net Debt | |||||
| Restricted Or Escrow | 357.34 | ||||
| Revenue Pct | 215.2 | ||||
| Assets Pct | 244.9 |
An empty cell means the issuer did not report a value for that field.
Physical assets
- gross trade and margin receivables 594.774 at end-2025 against 658.780 a year earlier
- securities pledged against those receivables carried at about 21,000, up from about 17,000
- own trading book at fair value 524.408: quoted 431.908 and unquoted Level 3 92.500
- borrowings 619.436, made up of a 405.000 overdraft and a 214.436 demand loan, all short term
- customer money: restricted deposits 266.602, foreign-market deposits 41.734, unsettled balances 49.004
- balances under asset management 197.380
- 18,484 new accounts opened in Q1 2026 — 8,280 on ADX and 10,204 on DFM
- founded 2006; more than 100 professionals per the issuer website
Group entities
- BHM Capital Financial Services PSC — the listed parent, regulated by the Securities and Commodities Authority
- Al Waqan Capital Investment LLC — purchase approved August 2024, postponed April 2025, cancelled at the AGM of 20 April 2026
- issued capital raised to 400.000 during FY2025 through 200.000 of cash shares plus 26.569 million bonus shares
Geographic footprint
- UAE — brokerage and margin trading is the stated principal segment
- client access offered to Saudi Arabia, the United States, the United Kingdom and European markets
How to read this company's economics
Numerical values remain in the separate source-document checkHow the operating model becomes revenue and cash
A financial institution can earn from lending or financing, exchange, brokerage, asset management, investment holdings, transaction fees or capital markets. Each activity carries a different balance-sheet and regulatory perimeter.
Five questions before reading the headline
1. What created demand?
Identify the exact fee, spread, asset, transaction or investment exposure creating income.
2. What was actually delivered?
Separate client activity, assets under management and proprietary balance-sheet exposure.
3. What determines the margin?
Reconcile recurring fees and spreads with fair-value, realised and one-off gains.
4. Where is cash tied up?
Trace liquidity, receivables, client money, funding, leverage and regulatory capital.
5. What must be funded next?
Read growth against licences, risk limits, capital needs and the exact legal entity.
Official-source snapshot
What the company does and where to verify it
A manually reviewed, paraphrased snapshot from issuer and official market records. Each field keeps its exact source and verification date.
No public snapshot has passed this separate review yet.
Official website, investor-relations, market-record and public contact fields remain unavailable here until their exact source, current value and reuse boundary are reviewed. Nothing is inferred from aggregators or another company.
Capital-markets analytical model
The metrics below define the correct analytical lens for this business model. They contain no company values: a value appears only after official-document provenance and editorial verification.
- Market activity or AUM
- Trading value, transactions, listed activity or assets under management on the issuer-defined basis.
- Fee revenue mix
- Trading, clearing, custody, brokerage, management and advisory fees kept separate from investment returns.
- Client asset segregation
- Client cash, securities and fiduciary assets kept outside shareholder liquidity and proprietary AUM.
- Regulatory capital and liquidity
- Capital, liquidity and margin requirements for the exact licensed entity and reporting date.
- Operating leverage
- Revenue sensitivity to activity and fee schedules relative to fixed technology, people and regulatory costs.
What changed
Full company chronologyVerified company activity
Only exact-security activity that passes the automatic source, locator, date and localization gates is shown. Exceptions remain unpublished. Each date keeps its lifecycle meaning.
No linked activity currently passes every public source-document check.
Sources
Identity evidence
- Identity evidence
- Exchange-hosted evidence
- Identity record checked
- 2026-08-11
- Evidence host
- www.dfm.ae
Research collections
This company appears in the dated public collections below. Membership describes coverage and evidence context; it is not a ranking or recommendation.
DFM companies
Public profiles with canonical exchange DFM.
- Membership version
- v1
- Effective from
Full public company reviews
Public profiles with a complete source-linked review currently visible to every reader.
- Membership version
- v1
- Effective from
Identity revalidation due
Dated public identity checks earlier than 18 August 2026; this does not assert current listing status.
- Membership version
- v1
- Effective from
Dubaist · Free / Premium
Research products
Open this company's free source-linked fundamental-review preview or compare coverage packs and ongoing monitoring. Coverage is not an investment ranking.
More companies in this sector
Explore factual peers using the same sector lens. Order is directory-based, not a ranking or recommendation.
Dubai Financial Market
Government-controlled market-infrastructure group operating DFM, Dubai Clear, Dubai CSD and 67% of Nasdaq Dubai. It earns trading commissions, clearing/settlement/depository, brokerage, listing, market-data and other fees plus investment/dividend income on deposits, sukuk and strategic assets. Economics depend on ADTV/trades, listings, investor participation, fee schedules, profit rates, technology/settlement resilience and the strict separation of MyAccount/iVESTOR/CCP obligations from shareholder liquidity.
- Market activity or AUM
- Fee revenue mix
- Client asset segregation
Al Ansari Financial Services
Non-bank transactional financial-services group earning foreign-exchange spreads and commissions from cross-border/domestic remittances, retail/wholesale currency exchange, UAE WPS salary processing, bill collection, prepaid travel cards, corporate payments and digital wallet services; CashTrans transports/processes cash and valuables. BFC adds Bahrain, Kuwait and India operations.
- Market activity or AUM
- Fee revenue mix
- Client asset segregation
Waha Capital
Abu Dhabi investment manager combining proprietary private investments, industrial real estate through Waha Land, and public-markets funds/asset management. It earns fair-value and realised investment returns, dividends and interest, plus recurring management fees and performance fees from third-party and proprietary capital.
- Market activity or AUM
- Fee revenue mix
- Client asset segregation