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DFM company posts 67% drop in net profit

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.

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