Dubai – Mubasher: The Dubai Financial Market Company (DFM Company) on Monday posted a drop in net profits for both the second quarter of 2018 and the first six months of the year.
The DFM Company's net profits fell 22% year-on-year to AED 33.9 million ($9.23 million) during Q2-18, from AED 43.3 million ($11.79 million), according to a statement to the Dubai Financial Market (DFM).
Revenues stood at AED 83.3 million in Q2-18, down from AED 90 million in the year-ago period.
At the level of the first half of2018, the diversified financials company's profits tumbled 43% AED 82.2 million from AED 145.6 million in the same period a year before.
Moreover, revenues slid to AED 182.4 million during H1-18 from AED 239.3 million in the corresponding period a year earlier.
“During H1-18, the DFM has implemented numerous development initiatives aimed at further enhancing its infrastructure and regulations in line with international best practices and as part of its strategy 2021 that focuses on diversifying DFM’s products and services,” chairman Essa Kazim said.
In the previous period, the DFM Company started providing Allocation Account mechanism services that would help it have a higher ranking amongst its regional market peers, the top official added.
“We also accredited the first brokerage firm to provide this service to its clients,” the chariman concluded.
