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DFM profit soars 696% to AED 215.1 mln in Q1

DFM profit soars 696% to AED 215.1 mln in Q1
DFM
DFM
3.50% 1.48 0.05
Dubai Financial Market Company (PJSC) today announced its financial results for the first quarter of the year ending March 31st 2014, recording a net profit of AED 215.1 Million, a 696% leap compared to AED 27 Million during the corresponding period of 2013.

The company’s total revenue has increased 289% to AED 255.6 Million in Q1-2014 compared to AED 65.7 Million during Q1 –2013. The revenues are comprised of AED 241 Million of operating income and AED 14.6 Million of investment returns. Meanwhile, operating expenses have reached to AED 40.5 Million during Q1-2014 compared to AED 38.7 Million during the same period of 2013.

It is noteworthy that DFM is witnessing thriving activity since the beginning of this year as the trading value has jumped 428.8% during the first quarter of 2014 to AED 110 Billion compared to AED 20.8 Billion during the corresponding period of 2013. Trading commission is the main source of income for the DFM Company.

His Excellency Essa Abdulfattah Kazim, Chairman of Dubai Financial Market (PJSC) said: “DFM has led the best performing exchanges globally during the first quarter of 2014 with its General Index up 32%, and the daily average of trading value up 428.8% to AED 1.77 Billion compared to AED 336 Million during the same period of 2013. These indicators are the result of growing investor demand as they increasingly recognize the opportunities available on the market as well as the strong expansion of Dubai’s economic sectors. It also reflects the entirety of the market infrastructure in line with international best practices. During the first quarter of the year, DFM has issued the “Securities Lending and Borrowing” rules (SLB), as part of our constant efforts to meet the growing requirements of market participants. The first three months of 2014 have also witnessed an expansion in Margin Trading provision and Direct Market Access (DMA). The number of DFM Margin Trading providers has increased to 18 with the accreditation of 7 new providers, while the number DMA providers has increased to 9 with the accreditation of 3 new brokerage companies. These developments will further boost market activity during the coming period with the accessibility to new sources of liquidity as well as offering international investors the opportunity to directly trade on the market.”