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DFM Company logs AED 65.1m profits in H1

DFM Company logs AED 65.1m profits in H1
DFM’s trading value fell by 31.5% year-on-year in H1-19
DFM
DFM
3.50% 1.48 0.05

Dubai - Mubasher: The Dubai Financial Market Company on Sunday unveiled it has recorded a net profit of AED 65.1 million for the first half of 2019, down 21% from AED 82.8 million in H1-18.

The company’s total revenue amounted to AED 163.5 million in H1-19, compared to AED 182.4 million in the year-ago period, according to a press release.

The revenue includes AED 88.8 million of operating income and AED 74.7 million of investment returns.

The DFM’s expenses totalled AED 98.4 million during the six-month period ended 30 June 2019, compared to AED 99.6 Million in H1-18.

Furthermore, the DFM’s trading value fell by 31.5% year-on-year in H1-19 to AED 25 billion.

Essa Kazim, chairman of the Dubai Financial Market Company, said: “The decline in DFM’s trading value echoes the prevailing trend of international exchanges during the first half of the year, as 74% of the global exchanges registered a decline in their traded value during the first five months of this year compared to the same period of 2018.

“Meanwhile, the DFM General Index has advanced 5% and we believe that this reasonable growth is a good indication considering the down trend that prevailed in most of exchanges globally, as 47 exchanges, representing two thirds of the members of the World Federation of Exchanges (WFE) have witnessed a decline in their indices,” Kazim added.

He further noted that foreign investors have registered net purchases of AED 870 million in the DFM in H1-19, which reached almost AED 1 billion when excluding GCC and Arab investors.

The DFM has also attracted around 904 new investors in the January-June period of the year, including 90 institutions, bringing the total number of the exchange’s investor base to 844,028 investors, he remarked.

In the second quarter of 2019, the DFM’s net profit increased by 9% year-on-year to AED 37 million from AED 33.9 million.

Moreover, the company’s revenue in Q2-19 reached AED 85.6 million, versus AED 83.3 million in Q2-18.

Expenses stood at AED 48.6 million during the April-June period of 2019, compared to AED 49.4 million during Q2-18, the DFM added.

In Q1-19, the DFM Company generated AED 28.1 million in net profit, down 43% from AED 48.9 million in Q1-18.