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DFM’s net profits fall to AED 121m in 2019; dividends proposed

DFM’s net profits fall to AED 121m in 2019; dividends proposed
DFM launched the new post-trading services organisational structure in 2019
DFM
DFM
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Dubai – Mubasher: The net profits of Dubai Financial Market (DFM) company declined by 4% to AED 120.6 million in 2019 from AED 125.5 million in 2018, according to the company’s financial results for 2019.

The company’s total revenues reached AED 315.8 million in 2019, down from AED 324.7 million in the prior year.

Meanwhile, during the fourth quarter of 2019, revenues increased by 2% to AED 74.2 million from AED 72.8 million in the same period of 2018.

Meanwhile, the company’s board recommended cash dividends of AED 200 million, equivalent to 2.5% of the company’s capital.

The DFM’s chairman, Essa Kazim, said: “During 2019, the DFM continued to lead the way in the development of the UAE’s financial markets, through the implementation of a substantial part of its structural development plan by establishing independent depository and clearing companies, thereby taking corporate excellence in the market to new levels.”

He added: “In 2019, the DFM launched the new post-trading services organisational structure aiming to separate trading activities from post-trading services in line with international best practices.”

Commenting on the DFM’s projects, Kazim remarked: “We are accelerating efforts towards launching the first platform of its kind globally for share trading of free zone companies. The upcoming platform is part of the Dubai 10X Plan.”

It is noteworthy to mention that during the first nine months of 2019, DFM reported an 8% year-on-year drop in net profits to AED 95.5 million from AED 103.7 million in the corresponding period a year earlier.