Dubai - Mubasher: Dubai Financial Market Company on Monday posted a net profit of AED 102.34 million in the first quarter of 2017, up 19% from AED 86 million in the corresponding period of 2016.
The company’s total revenue grew 18% to AED 149.34 million in the first three months of the year, from AED 127 million in the year-ago period, according to a statement.
DFM Company’s revenues comprised AED 122 million in operating income and AED 27.34 million in investment returns.
Operating expenses amounted to AED 47 million during Q1-17, compared to AED 46.2 million during the same period of 2016, the company revealed.
DFM’s trading value rose 19% in Q1-17 to AED 48.2 billion from AED 40.58 billion in the corresponding period of 2016.
“Trading commission is the main revenue stream for the company,” the statement showed.
Commenting on DFM Company’s performance in Q1-17, DFM chairman Essa Kazim stated that “revenue and profit witnessed a good upsurge during the first quarter of 2017 due to DFM’s sustainable attractiveness to various market participants supported by a world-class infrastructure and regulations in line with international best practices.
“This drive has gained momentum with the implementation of numerous initiatives that played a pivotal role in achieving this performance. Foreign investors, excluding Arabs and GCC nationals, have maintained their active participation with net investments of AED 612 million,” he noted.
This indicates the foreign investors’ interest in DFM’s available “lucrative opportunities,” Kazim highlighted.
The chairman noted that the DFM’s development pace “has accelerated on various levels including the launch of the Exchange-Traded Funds (ETFs) Platform”, which is the first of its kind in regional capital markets.
“To ensure market readiness for forthcoming growth, DFM also plans to overhaul its technological infrastructure as Borse Dubai, the parent company of DFM, signed a landmark agreement with NASDAQ to bolster the technological infrastructure and further improve trading and post-trade practices,” he revealed.
This step will further bolster and strengthen the Dubai bourse’s leading position to be at the forefront of regional exchanges, Kazim said, noting that this will also pave the way for various enhancements, including the establishment of a central counterparty (CCP) clearing.
