Company Intelligence — Overview
Dar es Salaam Stock Exchange Plc
The exchange itself — a fee-driven proxy for market activity
DSE: DSE · Dar es Salaam Stock Exchange Plc · FY ending 31 Dec
~6,550
Market price · TZS/sh (Jun 26)
156.1 bn
Market cap · TZS
+69%
9M’25 revenue → 5.18bn
+35%
Q3’25 profit → 1.6bn
12%
Return on assets (from 9%)
14%
Return on equity (from 11%)
The analysis — key observations
- Fee-driven growth. Nine-month 2025 revenue rose 69% to TZS 5.18bn on higher listing, transaction and registry fees.
- Profit acceleration. Q3 profit after tax rose 35% to TZS 1.6bn; profit before tax climbed 42% to TZS 1.7bn.
- Improving returns. Return on assets improved to 12% (from 9%) and return on equity to 14% (from 11%).
- A proxy for the market. As the exchange operator, DSE Plc’s fee income tracks listing and trading activity — a way to own market formalisation itself.
DSE Plc is the listed operator of the exchange — its revenue tracks listing, transaction and registry activity. Figures here are 2025 interim (to Q3); audited full-year results pending.
Valuation context — TZS/share (illustrative, educational)
Illustrative framing for education only — not a price target or recommendation. Figures are 2025 interim (to Q3); audited FY2025 pending.
Market backdrop — DSE & macro · mid-2026
3,950
DSE All-Share Index · 18 Jun 26
34.2 tn
DSE market cap · TZS
~6%
GDP growth
~3.3%
Inflation · stable macro
Key risks
Activity-linked revenue
Fees rise and fall with market turnover and new listings — a downturn in activity would slow revenue.
Concentration
A handful of large listings drive most volume; index breadth shapes the fee base.
Small absolute scale
Earnings are modest in absolute terms — a small-cap whose price can move sharply.