Dubai – Mubasher: Dubai Financial Market Company (DFM Company) reported an 8% year-on-year drop in its net profits during the first nine months of 2019.
Net profits slid to AED 95.5 million in the January-September period of 2019, compared to AED 103.7 million in the corresponding period a year earlier, according to a statement on Wednesday.
Meanwhile, the company generated AED 241.6 million in revenue in the nine-month period ended 30 September from AED 251.9 million in the prior-year period.
The revenue includes operating income of AED 133.9 million and investment returns of AED 107.7 million.
On the other hand, the company’s expenses retreated to AED 146.1 million at the end of September from AED 148.2 million a year earlier.
As for the third quarter of the year, the company’s net profits surged by 45% year-on-year to AED 30.4 million from AED 20.9 million.
Revenues surged to AED 78.1 million in Q3-19, compared to AED 69.5 million in Q3-18, while expenses fell to AED 47.7 million from AED 48.6 million at the end of the three-month period ended 30 September.
Moreover, the DFM’s trading value dropped by 17% to AED 39.5 billion during the first nine months of 2019, but leapt by 29.5% to AED 14.5 billion in Q3-19, which “helped to a large extent to contain the slow start of the first half,” chairman of the DFM company, Essa Kazim, commented.
The DFM General Index rose by 10% at the end of September, whereas while market capitalisation gained 6.5% to AED 367 billion, he noted.
“During the first nine months of this year, the DFM has maintained its attractiveness to foreign investors, as they have registered net purchases of AED 2 billion. The market also attracted 1,121 new investors, lifting the total number of its investor base to 844,245 investors,” Kazim added.
It is noteworthy that during the first half of 2019, the DFM Company’s net profit dipped by 21% to AED 65.1 million from AED 82.8 million in H1-18.
