Cyber Gear UAE Today
Guest Posts
SBOT

 

DFM Company Posts Net Profit Of AED103.7 Million In First 9 Months Of 2018




>






Dubai Financial Market Company today announced its financial results for the first nine months of the year ending 30th September 2018, registering a net profit of AED103.7 million, a 40 percent decrease from AED173.3 million in the same period of 2017.

According to a press statement, net profit of the third quarter of 2018 decreased 25 percent to AED20.9 million, compared to AED27.7 million in the third quarter of 2017.

Total revenue reached AED251.9 million during the nine months’ period ended September 30, 2018, compared to AED313.3 million during the corresponding period of 2017. The revenue is comprised AED154.3 million of operating income and AED97.6 million of investment returns.

Company expenses reached AED148.2 million by the end of September 2018 compared to AED140 million in the same period of 2017. During the third quarter of 2018, the company’s revenue reached AED69.5 million compared to AED74 million in the third quarter of 2017, while expenses amounted to AED48.6 million in the same period compared to AED46.3 million.

The total value of trading on DFM decreased by 44.8 percent to AED47.7 billion during the first nine months of this year compared to AED86.5 billion in the same period last year.

The daily average of trading value decreased 45.18 percent to AED253.8 million compared to AED462.9 million during the same period of 2017. During the third quarter of this year, trading value decreased 32.7 percent to AED11.2 billion compared to AED16.7 billion in the same period of 2017. Trading commission is the main revenue stream for the DFM Company.

Commenting on the results, Essa Kazim, Chairman of the Dubai Financial Market Company, said, "During the first nine months of 2018, the DFM has accelerated its efforts to further enhance its infrastructure and regulatory framework as well as diversify product offering and services in line with international best practices and as part of its strategy 2021. Within this context, we have accomplished preparations to launch a new REITs Platform that will represent an important addition to our product offering, after receiving approval of the Securities and Commodities Authority, SCA, on DFM Rules of Listing and Trading of Real Estate Investment Trusts, REITs, which we drafted in line with international best practices. Earlier in the year, we signed an MoU with the Dubai Land Department, as part of our efforts to create a favourable framework for the development of the REITs sector, which has a promising potential considering the importance and global reputation of Dubai’s real estate sector."

"We also pursued our efforts to further enhance trading activity mechanisms and services. Accordingly, the DFM has witnessed an expansion in the market making and liquidity provision service launched in 2017, and it currently includes four service providers. Additionally, our investors can avail the margin trading service through 30 brokerage firms as well as the Direct Market Access, DFM, service through 14 brokerage firms. Such services create a comprehensive framework that supports the market activity of both investors and brokerage firms alike," he added.

View News Headlines






Contact Cyber Gear at +971 4 3312627
Email: info@cyber-gear.com
We accept guest posts. Contact us now.