Dubai Financial Market nine-month profit drops 29 per cent
Dubai Financial Market (DFM), the Gulf’s only listed stock exchange, reported a 22 per cent fall in third-quarter net profit on Sunday.
It made a net profit of AED35.4 million ($9.6 million) in the three months to September 30, down from AED45.4m a year earlier, it said in a statement.
During the quarter, revenue reached AED81.1m, compared to AED89.2m in the corresponding period a year ago.
Net profit for the first nine months was AED 175million, a 29 per cent decrease from AED245.5 million in the same period of 2015.
Total revenue decreased 19 per cent to AED308.1m during the nine-month period ended September 30, compared to AED381.8m during the same period last year.
During the first nine months of the year, value of trades on DFM was AED91.2 billion, down 31 per cent from the same period of last year.
“During the first nine months of 2016, trading activity slowed down due to the unfavorable circumstances associated with the global economy, which are completely isolated from our strong economy,” said Essa Kazim, Chairman of Dubai Financial Market (PJSC).
“These circumstances have affected the international markets in general. Within this context, DFM Company’s revenue and net profit have decreased during the first three quarters of the year; nevertheless, DFM has maintained its attractiveness to various categories of investors in a clear indication of their growing confidence in its lucrative and diversified investment opportunities that reflects the strong and sustainable performance of the national economy,” added Kazim.
He said the DFM General Index has been the best performing amongst stock markets in the GCC region and came fourth amongst the leading indices globally, advancing 10.3 per cent during the first nine months of the year.
Kazim also said that his firm attracted 2,627 new investors during the first nine months including 418 institutions, lifting the total number of DFM-registered investors to approximately 839,000.