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Wed 31 Jan 2018 05:08 PM

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Dubai Financial Market posts 8% fall in 2017 profits

Stock market also sees 13% drop in trading value to AED115 billion

Dubai Financial Market posts 8% fall in 2017 profits
(KARIM SAHIB/AFP/Getty Images)

Dubai Financial Market Company on Wednesday announced a net profit of AED233 million ($63.4 million) for 2017, down 8 percent compared to the previous year.

Total revenues reached AED421.6 million in 2017 compared to AED439.3 million in 2016, it said in a statement.

Q4 revenue decreased 17 percent to AED108.30 million while net profit fell 24 percent to AED59.5 million.

The DFM board proposed a cash dividend of 5 percent of the company’s capital equivalent to AED400 million.

Essa Kazim, chairman, said: “The DFM maintained its attractiveness as the market of choice for companies looking to list their shares whether through IPOs or as a dual listing.

"The exchange is well positioned to attract more potential future IPOs."

He added that trading value dropped 13 percent in 2017 to AED115 billion due to "some unfavourable global circumstances related to oil prices and international markets’ volatility".
However, he said the market attracted more than 6,000 new investors in 2017 and net investments of foreign investors reached AED1.25 billion.