DUBAI, The Dubai Financial Market, DFM, today announced its financial results for the first half of the year ending 30th June, 2019, registering a net profit of AED65.1 million, compared to AED82.8 million during the corresponding period of 2018, a 21 percent decrease. The net profit of the second quarter of 2019 reached AED37 million, a nine percent increase compared to the profits in Q2 of 2018 at AED33.9 million.
The company recorded revenues of AED163.5 million in 2019, compared to AED182.4 million during the same period last year. The revenues comprised AED88.8 million in operating income and AED74.7 million in investment returns. The company's expenses reached AED98.4 million, compared to AED99.6 million recorded during 2018. During the second quarter of 2019, the company's revenues reached AED85.6 million, compared to AED83.3 million in the second quarter of 2018, while expenses amounted to AED48.6 million during the same period, as opposed to AED49.4 million during Q2 of 2018.
During the first six months of 2019, the DFM trading value decreased to AED25 billion, a 31.5 percent decrease compared to the corresponding period of 2018. Trading commissions represent the main revenue stream of the DFM Company.
"The decline in the DFM's trading value echoes the prevailing trend of international exchanges during the first half of the year, as 74 percent of the global exchanges registered a decline in their traded value during the first five months of this year, compared to the same period in 2018," said Essa Kazim, Chairman of the DFM Company.
"During the first half of this year, the DFM has maintained its attractiveness to foreign investors, as they have registered net purchases of AED870 million, and it reached nearly AED1 billion, excluding the GCC and Arab investors," Kazim added.
The DFM International Investors Roadshow in New York 2019 enabled nine listed companies to hold 81 one-on-one meetings with senior representatives of 35 international institutions, managing approximately US$3.2 trillion in assets. The roadshow attracted 21 new institutions that took part for the first time, representing 60 percent of the total number of institutions.
The DFM maintains a strong presence of foreign and institutional investments, with more than 11 thousand institutions registered on the market, including 90 institutions during the first half of 2019.
During the first half of 2019, the DFM won two new awards, the Dubai Quality Award for the financial sector category, as well as the Five Star "Recognised for Excellence" Award earlier in the year from the European Foundation for Quality Management for its commitment to the highest levels of quality in customer service.
Source: Emirates News Agency