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DFM achieves 24% higher profits in Q1-20

DFM achieves 24% higher profits in Q1-20
The DFM's revenues rose by 13%
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Dubai – Mubasher: The net profits attributable to the owners of Dubai Financial Market (DFM) reached AED 34.7 million during the first quarter (Q1) of 2020, up by 24% from AED 28.1 million in the same period of 2019.

The company's revenues rose by 13% to AED 88.2 million in Q1-2020, compared to AED 77.9 million in the corresponding quarter of 2019, according to the company's consolidated interim financial results for the period ended on 31 March 2020.

Earnings per share (EPS) settled AED 0.004 during the first three months of 2020.

Commenting on the company's performance in Q1-20, the Chairman of DFM, Essa Kazim, said: "The DFM’s trading value has relatively improved during the first quarter of 2020 with an increase of 19% to AED 14.2 billion compared to AED 11.9 billion during the corresponding quarter of 2019."

Kazim added: "In conjunction with its 20th anniversary, the has successfully implemented the largest technology upgrade through its entire history by migrating to the Nasdaq Financial Framework (NFF), as of 15 March 2020."

It is noteworthy to mention that in 2019, the company's net profits decreased by 4% to AED 120.6 million from AED 125.5 million in 2018.