Dubai Financial market makes net profit of more than $28m in the three months to Dec 31
Dubai Financial Market (DFM), the Gulf Arab region's only listed bourse, swung to a fourth-quarter net profit on Thursday, as trading volumes rose.
The firm, which owns majority-stake in sister bourse Nasdaq Dubai, made a net profit of AED105.3 million ($28.67 million) in the three months to December 31, Reuters calculated based on full year figures provided by the company.
That compares with a net loss of AED3.72 million in the fourth quarter of 2012.
One analyst estimated that DFM would make a quarterly profit of AED57 million.
DFM said it made a full year net profit of AED284.6 million, compared with a profit of AED35.2 million in 2012.
The company's board has proposed a cash dividend of 5 percent for 2013.
DFM's shares gained 20.5 percent in the fourth quarter of 2013, while the main share index rose 22 percent over the same period.For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
DFM is going to be the blue eyed boy in UAE stock market. Netprofit of AED 284.5 m for the year 2013 is only the beginning of an exponential growth this stock is going to make. For Jan 2014, DFM trading volume is at AED 36.5 b which translates into a trading volume for Q1 14 at AED 90 billion without any doubt. This will generate a net profit of AED 190 million for Q1 14 compared to AED 26.1 m for Q1 13 is the true story which is going to evolve in the months to come......