DFM posts net profit of Dhs102.34m during Q1 of 2017

09/05/2017 05:12 AST

The Dubai Financial Market Company, (DFM) on Monday announced its financial results for the first quarter of the year ending 31 March 2017, reporting a net profit of AED102.34 million, a 19 per cent increase compared to Dhs86 million during the corresponding period of 2016.

The company's total revenue has grown by 18 per cent to Dhs149.34 million in Q1 of 2017 compared to Dhs127 million during Q1 in the previous year. The revenues are comprised of AED122 million of operating income and Dhs27.34 million of investment returns. Meanwhile, operating expenses reached to Dhs47 million during Q1 2017 compared to AED46.2 million during the same period of 2016.

DFM's trading value has increased 19 per cent during the first quarter of 2017 to Dhs48.2 billion compared to AED40.58 billion during the corresponding period of last year. Trading commission is the main revenue stream for the company.

Essa Kazim, Chairman of DFM, said, "The company's revenue and profit witnessed a healthy 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 AED612 million, similar to its level in the corresponding period of 2017, which clearly indicates their constant interest in the lucrative opportunities available on DFM," the Chairman added.

"The pace of our development efforts has accelerated on various levels including the launch of Exchange-Traded Funds, ETFs, Platform, the first of its kind in regional capital markets. The Platform is governed by an excellent regulatory framework that offers unprecedented levels of integration and ongoing support to the burgeoning ETF industry, particularly market makers, authorised participants and liquidity providers," he added.

The Gulf Today