DFM Company Net Profit Up 361% To AED 179.3 Million During The First 9 Months Of 2013
- Trading value soars 502.2% during the third quarter of the year to AED 49.02 Billion exceeding the full year of 2012
- Essa AbdulFattah Kazim:Leading the best performing exchanges globally reaffirms the soundness of DFM Company’s strategy; The return of the normal dynamic rhythm of trading activity promises a new beginning for DFM
Dubai Financial Market Company (PJSC) today announced its financial results for the first 9 months of the year ended September 30th 2013, recording a net profit of AED 179.3 Million, compared to AED 38.9 Million during the corresponding period of 2012, a 361% increase. The net profit of the third quarter 2013 reached 82.8 Million, compared to a Q3- 2012 net loss of AED 1.7 Million.
The Company registered total revenue of AED 300.6 Million during the first 9 months of 2013 compared to AED 155.5 Million during the corresponding period of 2012, a 93% increase. The revenue comprised AED 265.9 Million of operating income and AED 34.7 Million of investment returns. Company expenses reached AED 121.3 Million by the end of September 2013 compared to AED 116.6 Million recorded during the same period of 2012. During the third quarter of 2013, the Company’s revenue reached AED 122.2 Million compared to AED 36.8 Million in the third quarter of 2012, whilst expenses amounted to AED 39.4 Million in the same period compared to AED 38.5 Million during Q3- 2012.
DFM trading value significantly improved by 166.6% to AED 107.8 Billion during the first 9 months of this year compared to AED 40.4 Billion in the corresponding period of last year. Meanwhile, the trading value soared 502.2% to AED 49.02 Billion in the third quarter of 2013 compared to AED 8.1 Billion in the same period of 2012.
Essa AbdulFattah Kazim, Chairman of Dubai Financial Market (PJSC) said: “DFM has succeeded in maintaining its vigorous performance since the beginning of the year with trading activity, the main revenue stream for the company, gaining momentum during the third quarter of 2013 as trading value exceeded the full year of 2012 level of AED 48.7 Billion. Moreover, the DFM General Index soared 24% during the third quarter, registering its best quarterly performance since the last quarter of 2007 to end the first 9 months of this year up 70.3%, making DFM the best performing exchange globally since the beginning of 2013. The daily average of DFM trading value increased 168% to AED 567.7 Million during the first 9 months compared to AED 211.9 Million during the same period of 2012. We are delighted to see the market is booming and local and foreign investors are returning in force. We believe that what has been achieved this year signifies a new starting point which reaffirms the suitability of the strategic directions that have been adopted by the Board of Directors, as well as its oversight of their implementation.”
“The return of trading activity dynamism and the usual rhythm of the DFM market reflect the sound fundamentals of our national economy and the quality and diversity of opportunities offered by our listed companies which represent growing economic sectors. We believe that the market performance this year is a testimony to local and international investors’ recognition of various developments implemented over the past years and the integrity of the market infrastructure. The year 2013 has brought us a variety of positive developments promising a new beginning for DFM, including the reignited attention of investors and MSCI’s decision to classify the UAE as Emerging Market. The enormous enthusiasm from international investors during the recently held DFM roadshow in New York, where over 100 meetings were held between representatives of 10 listed companies and international fund managers, is the finest proof of the lucrative opportunities available on DFM taking into account the thriving national economy and continued improvement in the companies’ performance.” Kazim added.