The Dar es Salaam Stock Exchange (DSE) has posted another quarter of solid financial performance, signaling strong operational resilience and investor confidence amid a tightening regional economic environment.
For the third quarter ended 30 September 2025, total revenue rose sharply to TZS 5.19 billion ($1.96 million), up from TZS 3.07 billion ($1.16 million) in the same period last year, a remarkable 69% year-on-year increase.
This strong top-line growth cascaded into improved profitability, with profit before tax soaring by 50% to TZS 1.70 billion ($641,500), while profit after tax climbed 46% to TZS 1.61 billion ($607,500).
The growth translated to a higher earnings per share (EPS) of TZS 68 ($0.026), up from TZS 50 ($0.019) in Q3 2024, underscoring improved shareholder returns.
Expanding the balance sheet
DSE’s total assets reached TZS 42.02 billion ($15.86 million), reflecting a 17% increase from TZS 36.07 billion ($13.62 million) a year earlier.
The growth was attributed to stronger operational cash flows and expansion in investment holdings.
Total shareholders’ equity rose 9% to TZS 34.04 billion ($12.85 million), even as liabilities increased significantly to TZS 7.98 billion ($3.01 million), up from TZS 3.25 billion ($1.23 million) at the end of Q2 2025.
The rise in liabilities was primarily due to higher current obligations, including contract liabilities and trade payables, as the bourse continued executing growth-linked operational activities.
Robust Cash Flow
The exchange maintained strong cash generation capacity, with net cash from operations reaching TZS 3.37 billion ($1.27 million). Cash from investing activities contributed TZS 0.42 billion ($158,000), largely from interest income.
Financing activities, however, registered an outflow of TZS 2.56 billion ($966,000) following dividend payments to shareholders.
This left the Group’s cash and equivalents at TZS 0.98 billion ($370,000), up by half a billion from the previous quarter, a testament to prudent liquidity management.
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Despite paying dividends, DSE sustained a solid equity base, with shareholders’ funds only marginally declining from TZS 35.03 billion (13.23 million) at the end of Q2 2025 to TZS 34.04 billion (12.85 million) after accounting for the Q3 profit and dividend payout.
This deliberate balance between profitability, liquidity, and shareholder reward reflects a maturing corporate governance philosophy focused on sustainable value creation.
Market confidence
According to the report, DSE’s indicative trading liquidity over the past 12 months stood at TZS 6.33 billion ($2.39 million), averaging TZS 527 million ($199,000) per month.
The exchange’s share price also reflected investor optimism, closing at TZS 6,500 ($2.45) on October 28, 2025, up 6.04% from the previous trading session.
Outlook
While the interim report did not include an explicit management commentary, the performance trajectory suggests that DSE’s strategic initiatives, including market expansion, digitalization of trading infrastructure, and investor education, are yielding tangible results.
The strong earnings growth amid rising liabilities hints at ongoing investments to strengthen the exchange’s ecosystem and deepen Tanzania’s capital markets.
DSE’s Q3 2025 performance underscores its growing relevance as both a financial market facilitator and a listed entity capable of generating consistent shareholder value.
The Exchange also remains well-positioned to leverage its operational strength and innovation-driven strategy to sustain growth into 2026.
