Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
Print
Email
Discuss this article (2 Comments)DFM company posts 67% drop in net profit
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 28 October 2009
DFM PROFITS: Net profit for the company running DFM fell 67 percent in the nine months to September, compared to the same period in 2008. (Getty Images)
The Dubai Financial Market Company on Wednesday posted a 67 percent drop in net profit for the nine months to September, compared to the same period in 2008.
The company reported a net profit of AED258 million compared to AED781 million for Jan-Sept 2008, blaming the impact of the global economic crisis.
Total revenue reached AED374 million for the first three quarters of 2009, composed of operational, investment and other income, the company said in a statement.
Essa Kazim, executive chairman of Dubai Financial Market said: “The company managed to retain a healthy level of revenue and profit during the first three quarters of 2009 ...although the total trade value on Dubai Financial Market decreased to AED38.99 billion in the third quarter compared to AED58.79 billion in the previous quarter."
He said the market performance in Q2-Q3 2009 reflected "improved investor appetite and confidence in the sound fundamentals of the UAE economy and public listed joint stock companies".
"There are many encouraging signs as we see increased foreign investment inflows and positive sentiments in light of the encouraging company financial results recently announced," he added.
The DFM General Index advanced 34 percent by the end of Q3, making it one of the best performing exchanges internationally.
DFM is currently the second best performing market in the Middle East and North Africa (MENA) region.
"Market indicators for the current period of Q4 2009 shows that the daily trade value is returning to its natural levels of 2008, as the daily average is currently AED1.227 billion, compared to AED 1.240 billion last year,” Kazim added.
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
DFM profit up in Q3 2008
Posted by Razman bakir, Dubai, UAE on Wednesday 28 October 2009 at 23:24 UAE time
I agree with Musthak, there is in fact growth in DFM profitability in Q3 2009 over Q2 2009. It is alomost 100% growth. This what we look for, in any means we can not compare 2008 Vs 2009. Andy should be sensible in writing comments. other wise readers will take arabian business as a cow boy magazine.
Posted by Razman bakir, Dubai, UAE on Wednesday 28 October 2009 at 23:24 UAE time
I agree with Musthak, there is in fact growth in DFM profitability in Q3 2009 over Q2 2009. It is alomost 100% growth. This what we look for, in any means we can not compare 2008 Vs 2009. Andy should be sensible in writing comments. other wise readers will take arabian business as a cow boy magazine.
EPS DFM increased ot 0.033
Posted by Musthak Afan, Dubai, UAE on Wednesday 28 October 2009 at 19:59 UAE time
In fact EPS of DFM has increased from 0.024 in Q2 2009 to 0.033 in Q3 2009. Infact the Net profitability should reflect as a positive remark on DFM perspective. However arabian business has choose say 'Neeeeeeeeeet Profitabilityyyyyyyy plunged by 67%'.
Posted by Musthak Afan, Dubai, UAE on Wednesday 28 October 2009 at 19:59 UAE time
In fact EPS of DFM has increased from 0.024 in Q2 2009 to 0.033 in Q3 2009. Infact the Net profitability should reflect as a positive remark on DFM perspective. However arabian business has choose say 'Neeeeeeeeeet Profitabilityyyyyyyy plunged by 67%'.
Click here to post a comment
MORE FROM ARABIANBUSINESS.COM
TOP IN MIDDLE EAST FINANCIAL MARKETS
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST FINANCIAL MARKETS
LATEST MIDDLE EAST BUSINESS NEWS
- Energy: Shell delays Qatargas4 project by a year
- Construction & Industry: Abyaar and Lacroix to build Dubai residential tower
- Travel & Hospitality: Gulf Air unveils strategy to save $2.65bn over five years
- Travel & Hospitality: Accor opening two new ibis hotels in region
- Banking & Finance: Abraaj Capital issue is fully subscribed
SHARE PRICE CHECK
RELATED STORIES
Market Turmoil Focus
3 stories- EXCLUSIVE: Boeing chairman sees more job cuts in 2010
19 Nov '09 | News - More UAE bank mergers predicted in 2010 - Ethos
19 Nov '09 | News - Dubai property market 'may take 10 years to rebound'
18 Nov '09 | News
Q3 Profit
3 stories- Kuwait's Zain posts 52.8% drop in Q3 net profit
15 Nov '09 | News - Kuwait's Agility posts 15% rise in Q3 profit
11 Nov '09 | News - Shuaa Capital posts $73.2m Q3 loss
1 Nov '09 | News
Dubai Financial Market (DFM)
| 309 stories- Dubai index rebounds from 10-week low
23 Nov '09 | News - Kuwait's Zain slumps to new 24-week low
15 Nov '09 | News - Emaar leads gains as Dubai closes higher
9 Nov '09 | News
Mobile
