DFM posts Dh103.7M profit
DFM has accelerated its efforts to further enhance its infrastructure and regulatory framework as well as diversify product offering and services
dubai — Dubai Financial Market (DFM) Company reported on Monday a net profit of Dh103.7 million, a 40 per cent decline from Dh173.3 million in the same 2017 period. DFM’s net profit of the third quarter of 2018 dropped 25 per cent to Dh20.9 million from Dh27.7 million in the third quarter of 2017.
In a statement, the company said its total revenue declined to Dh251.9 million during the nine months’ period ended September 30, compared to Dh313.3 million during the corresponding period of 2017. The revenue comprises Dh154.3 million of operating income and Dh97.6 million of investment returns.
Company expenses rose to Dh148.2 million by the end of September 2018 compared to Dh140 million in the same 2017 period. During the third quarter of 2018, DFMs revenue reached Dh69.5 million compared to Dh74 million in the same 2017 period, while expenses amounted to Dh48.6 million.
“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
Essa Kazim, Chairman, DFM Company
and as part of its strategy 2021,” said Essa Kazim, Chairman of the DFM Company.
He said preparations are in full swing to launch a new REITs (Real Estate Investment Trusts) Platform that would represent an important addition to the DFM product offering, after receiving approval of the Securities and Commodities Authority on DFM Rules of Listing and Trading of REITs that have been drafted in line with international best practices.
Earlier on the year, the DFM signed MoU with the Dubai Land Department, as part of 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, said Kazim.