DFM profit eases as it diversifies products

Total value of trading on DFM decreased by 5% to Dh86.5b during first nine months of this year

Dubai Financial Market said yesterday its net profit fell 1 per cent in the nine months to September to Dh173.3 million compared to Dh175 million in the same period last year.

Total revenue reached to Dh313.3 million during the nine months period ending September compared to Dh313.4 million during the corresponding period of 2016.

The revenue comprised Dh236.9 million of operating income and Dh76.4 million of investment returns.

In the third quarter, net profit decreased 22 per cent to Dh27.7 million, compared to Dh35.4 million in the third quarter of 2016.

Third quarter revenue

DFM’s revenue reached Dh74 million compared to Dh81.1 million in the third quarter of 2016, while expenses amounted to Dh46.3 million in the same period compared to Dh45.7 million.

The total value of trading on DFM fell by 5 per cent to Dh86.5 billion during the first nine months of this year compared to Dh91 billion in the same period last year.

The daily average of trading value decreased with a similar percentage to Dh463 million compared to Dh488 million during the same period of 2016.

During the third quarter of this year, trading value fell 23 per cent to 16.7 billion compared to Dh21.7 billion in the same period of 2016.

“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,” Essa Kazim, chairman of the DFM said in a statement.

“We are focusing our efforts on diversifying the product range and introducing new services in line with international best practices, enabling investors to actively and efficiently participate on the market.”

“DFM’s strategy to diversify product range and introduce new services as well as the potential IPOs will collectively create a foundation for robust trading activity during the coming period,” he added.