Dubai’s DFM posts 45% rise in net profit for Q3 2019

Dubai’s stock exchange, Dubai Financial Market (DFM), reported a 45 per cent year-on-year increase in net profit for the third quarter of this year to reach Dhs30.4m compared to Dhs20.9m last year.

Revenues in the third quarter accrued to Dhs78.1m, marking an increase of 12.3 per cent compared to Dhs69.5m in Q3 last year, a statement said.

Total revenues for the first nine months of 2019 reached Dhs241.6m, compared to Dhs251.9m during the same period last year. Net profits totalled Dhs95.5m for the period ending September 30, down 8 per cent from Dhs103.7m in 2018, the statement said.

“The DFM’s performance has considerably improved during the third quarter of 2019 with a 29.5 per cent jump in trading value, which helped to a large extent to contain the slow start of the first half,” said Essa Kazim, chairman, DFM.

“The DFM General Index was up 10 per cent by the end of September, while the market capitalisation advanced 6.5 per cent to Dhs367bn.”

The DFM has organised international investors’ roadshows in New York and London to attract more global interest, the chairman added.

DFM launched its Sustainability Strategic Plan 2025 earlier this year, to further encourage environmental, social and governance (ESG) best practices among companies and stakeholders, according to local media reports.

“The strategy’s four pillars are sustainability reporting and disclosures, sustainable investment education, green products and listings, and gender balance and empowering people.

“Moreover, the DFM is actively collaborating with various institutions to instill sustainability and governance,” Kazim said.