DFM’s first-half profit inches up; Q2 drops

dubai — Dubai Financial Market PJSC net profit for the first half of 2017 reached Dh145.6 million compared to Dh139.6 million during the corresponding period of 2016, an increase of four per cent.

The net profit of the second quarter of 2017 reached Dh43.3 million, a 19 per cent decrease compared to Q2 2016 level of Dh53.5 million.

The public joint stock company’s shares fell 2.5 per cent to Dh1.18 at the close on Monday.

It recorded revenue of Dh239.3 million in H1 2017 compared to Dh227 million during H1 2016. The revenue comprised of Dh186 million of operating income and Dh53.3 million of investment returns. Expenses reached Dh93.7 million compared to Dh92.7 million recorded during H1 2016. During the second quarter of 2017, the company’s revenue reached Dh90 million compared to Dh100 million in the second quarter of 2016, whilst expenses amounted at Dh46.7 million in the same period compared to Dh46.5 million during Q2 2016. In H1 2017, the DFM trading value reached Dh70 billion, an increase of one per cent compared to the corresponding period of 2016.

Essa Kazim, Chairman of Dubai Financial Market PJSC, said: “DFM plans to overhaul its technological infrastructure in cooperation with Nasdaq to bolster the technological infrastructure and further improve trading and posttrade practices and pave the way for various enhancement, including the establishment of a central counterparty (CCP) clearing. During the first half also DFM has introduced the Liquidity Provision Service, which enables issuers to mandate a licensed company to provide LP services on a specific share in order to enhance liquidity, market depth and achieve balance between buy and sell.” — waheedabbas@khaleejtimes.com