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Mon 30 Oct 2017 07:52 PM

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Dubai's DFM sees 1% fall in nine-month net profit

Dubai Financial Market Company also reports 5% drop in value of trading

Dubai's DFM sees 1% fall in nine-month net profit
(KARIM SAHIB/AFP/Getty Images)

Dubai Financial Market Company on Monday announced a net profit of AED173.3 million for the first nine months of 2017, a 1 percent decrease compared to the same period of 2016.

Net profit for the third quarter fell by 22 percent to AED27.7 million, DFM said in a statement.

It added that total revenue reached AED313.3 million during the nine month period to the end of September 30, almost identical to the year-earlier period.

Company expenses totalled AED140 million by the end of September compared to AED138.5 million in the same period of 2016.

The total value of trading on DFM decreased by 5 percent to AED86.5 billion during the first nine months of this year compared to AED91 billion while the daily average of trading value also fell by 5 percent to AED463 million.

Essa Kazim, chairman of Dubai Financial Market said: “Market activity has slowed down during the second and third quarters, affecting the company’s revenues and profits.

"We look forward to see further momentum during the coming period propelled by the strong, competitive and globally reputable national economy as well as DFM’s various initiatives.”

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