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Tue 8 May 2018 02:10 PM

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Dubai's stock market sees 52% slump in Q1 net profit

Trading value on Dubai Financial Market also drops 57% during the first quarter of 2018

Dubai's stock market sees 52% slump in Q1 net profit
(KARIM SAHIB/AFP/Getty Images)

Dubai Financial Market Company on Tuesday announced a net profit of AED48.9 million ($13.3 million) in the first quarter of 2018, a 52 percent decrease compared to the year-earlier period.

The company’s total revenue also fell by 34 percent to AED99.1 million in Q1 while operating expenses rose to AED50.2 million from AED47 million during the same period of 2017.

DFM’s trading value slumped 57.2 percent during the first quarter of 2018 to AED20.4 billion, it said in a statement.

Essa Kazim, chairman of the DFM, said: “During the first quarter of 2018, the DFM has implemented numerous development initiatives aimed at further enhancing its infrastructure and regulations.

“The DFM has maintained and strengthen its position as the most favoured listing venue for leading local and regional companies with the listing of Bahrain’s Ithmaar Holding and Egypt’s NAEEM Holding for Investment.

"Additionally, the DFM attracted 1,586 new investors, lifting the total number of registered investors to 842,568 investors,” he added.

Arabian Business: why we're going behind a paywall

Jonathan Bawden 2 years ago

How much of this is down to VAT on transactions? This is precisely why VT doesn't apply in UK etc on thins like these.