Dubai – Mubasher: The Dubai Financial Market (DFM) posted on Thursday a net profit of AED 15.5 million in the fourth quarter of fiscal year 2015, 88.8% down compared to AED 138.3 million in the same period of 2014.
Annual profit slumped 66% to AED 261 million in 2015 from AED 759.3 million in 2014.
DFM’s chief executive officer, Essa Kazim, attributed the drop in net profit to a 60% lower trading value, reaching to AED 151.4 billion in 2015, versus AED 381.5 billion in 2014.
“DFM has maintained its attractiveness to foreign investments with the UAE’s classification as Emerging Market by leading institutions such as MSCI and Standard & Poor's Dow Jones,” Kazim said in a statement.
“The DFM Company’s revenue and profit have been affected by the 60% decline in the trading value during 2015 to AED 151.4 billion compared to AED 381.5 billion in 2014 as the trading commission represents the main revenue stream for the company. This decline was prompted by some immediate circumstances unrelated to the sound fundamentals of the national economy, especially the decrease in oil prices as well as concerns about the slowdown in China and its impact on global economy, which affected various international markets,” said Kazim.
