DFM nets AED86mn profit in first quarter

Dubai / WAM

Dubai Financial Market Company (DFM) on Sunday announced a first quarter net profit of AED 86 million, a 27 percent increase compared to Dh67.7 million during the corresponding period of 2015.
The company’s total revenue increased by 11 per cent to AED 127 million in Q1-2016 compared to Dh114.5 million during Q1-2015. The revenues comprise AED105.6 million of operating income and Dh21.4 million of investment returns.
Meanwhile, operating expenses reached to AED46.2 million during Q1-2016 compared to AED46.8 million during the same period of 2015.
DFM’s trading value increased 7.56 per cent during the first quarter to Dh40.58 billion compared to Dh37.7 billion during the corresponding period of last year. Trading commission is the main revenue stream for the company.
Essa Kazim, DFM chairman, said: “DFM Company’s revenue and profit have relatively increased during the first quarter of 2016, which represents a positive development taking into consideration the fluctuations of regional and international markets due to the repercussions of lower oil prices. From our point of view, the market has handled such unfavourable circumstances with a high level of resiliency and successfully managed to maintain a good level of activity supported by investors’ confidence in the lucrative investment opportunities DFM provides. Accordingly, trading value has increased by 7.56 per cent compared to the first quarter of 2015 and the General Index soared by 6.5 per cent, one of the best performing indices amongst main stock markets across the world.
“Undoubtedly, this performance underlines investors’ strong recognition of the strong fundamentals of the national economy, which maintains its high levels of sustainable growth, as well as the healthy performance of the listed companies. Such strong fundamentals limit the implications of global circumstances and contain it within short periods.”