DFM Posts 14-Fold Jump In Q1 Net Profit

Dubai Financial Market Company (DFM) reported a net profit of Dhs30.5 million during the first quarter of the year, a 14-fold increase from the Dhs2.2 million the firm posted during the same period last year.

The company’s revenues reached Dhs69.1 million during the first quarter, up 42 per cent year-on-year, while operating expenses dropped almost 17 per cent during the period to Dhs38.6 million.

“DFM has started the year 2012 in a promising mode due to various positive developments at the macroeconomic level and the individual sectors in
Dubai,” said Abdul Jalil Yousef Darwish, DFM chairman in a statement.

“This was mirrored in the DFM listed companies’ performance which invigorated investor sentiment by disclosing good financial results and rewarding cash dividends, which eventually reflected positively on the revenue and profit of the DFM Company.”

DFM’s new revenue streams increased 47 per cent to Dhs1.53 million during the first quarter, compared to Dhs1.04 million during the first quarter of 2011.

Trading volumes during the first quarter rose 87.7 per cent year-on-year to Dhs20.47 billion, the company said. DFM also registered 2613 new investors during the period, a 93.5 per cent year-on-year growth.

“The DFM Company is implementing an ambitious strategy to diversify revenues, limit dependency on trading commissions and achieve a more balanced revenue structure similar to the prevailing levels in the international markets,” said Darwish.