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Mon 23 Jul 2018 05:08 PM

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Dubai Financial Market sees 43% slump in half-year net profit

Dubai stock market says trading value fell to AED36.5 billion in H1, a 47.6% decrease

Dubai Financial Market sees 43% slump in half-year net profit
(MARWAN NAAMANI/AFP/Getty Images)

Dubai Financial Market (DFM) on Monday announced a net profit of AED82.8 million ($22.5 million) for the first six months of 2018, down 43 percent on the year-earlier period.

The company said net profit for the second quarter of 2018 reached AED33.9 million, a 22 percent decrease.

It also recorded a total revenue of AED182.4 million in H1, down from AED239.3 million during H1 2017. Company expenses reached AED99.6 million compared to AED93.7 million, it said in a statement.

During the first six months of 2018, the DFM trading value fell to AED36.5 billion, a 47.6 percent decrease compared to the corresponding period of 2017.

Essa Kazim, chairman of the Dubai Financial Market Company, said: "During the first half of 2018, the DFM implemented numerous development initiatives aimed at further enhancing its infrastructure and regulations in line with international best practices and as part of its strategy 2021 that focuses on diversifying the DFM’s products and services.

"Within this context, the DFM has launched the Allocation Account mechanism in the first step of its kind among regional markets."

Commenting on the DFM’s efforts to strengthen links with international institutions, Kazim added: "The DFM has successfully organised its International Investor Roadshow in New York in early May with senior representatives of international 16 funds managing approximately $3 trillion in assets.

"The event provided listed companies with an efficient platform to highlight their growth strategies and business developments amid international investors’ growing interest and willingness to further strengthen presence in Dubai’s securities market."

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