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Thu 7 Nov 2019 03:23 PM

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Dubai Financial Market profits rebound on stronger Q3 trading

Bourse chairman hails 'considerably improved' performance in Q3 to offset slow start to the year

Dubai Financial Market profits rebound on stronger Q3 trading

Essa Kazim, chairman of the Dubai Financial Market Company.

Dubai Financial Market Company has announced a net profit of AED95.5 million for the first nine months of 2019, a 8 percent decrease compared to the same period of 2018.

Net profit of the third quarter increased 45 percent to AED30.4 million, DFM said in a statement.

Total revenue reached AED241.6 million during the nine months compared to AED251.9 million during the corresponding period of 2018.

Revenue was comprised of AED133.9 million of operating income and AED107.7 million of investment returns. Company expenses reached AED146.1 million by the end of September compared to AED148.2 million in the same period of 2018.

During the third quarter, DFM’s revenue reached AED78.1 million compared to AED69.5 million in the third quarter of 2018, while expenses amounted to AED47.7 million, down from AED48.6 million.

Total value of trading decreased 17 percent to AED39.5 billion during the first nine months of this year, while increasing 29.5 percent in the third quarter to AED14.5 billion.

Essa Kazim, chairman of the Dubai Financial Market Company, said: “The DFM’s performance has considerably improved during the third quarter of 2019... which helped to a large extent to contain the slow start of the first half. Consequently, we are looking forward to see further momentum considering DFM’s world-class infrastructure and lucrative opportunities supported by the national economy’s dynamism and good growth.”

He added: “During the first nine months of this year, the DFM has maintained its attractiveness to foreign investors, as they have registered net purchases of AED2 billion. The market also attracted 1,121 new investors, lifting the total number of its investor base to 844,245 investors.”

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