(MENAFN- Khaleej Times) Dubai Financial Market (DFM) Company reported on Monday a net profit of Dh103.7 million, a 40 per cent decline from Dh173.3 million in the same 2017 period.
DFM's net profit of the third quarter of 2018 dropped 25 per cent to Dh20.9 million from Dh27.7 million in the third quarter of 2017.
In a statement, the company said its total revenue declined to Dh251.9 million during the nine months' period ended September 30, compared to Dh313.3 million during the corresponding period of 2017. The revenue comprises Dh154.3 million of operating income and Dh97.6 million of investment returns.
Company expenses rose to Dh148.2 million by the end of September 2018 compared to Dh140 million in the same 2017 period. During the third quarter of 2018, DFMs revenue reached Dh69.5 million compared to Dh74 million in the same 2017 period, while expenses amounted to Dh48.6 million.
"During the first nine months of 2018, the DFM has accelerated its efforts to further enhance its infrastructure and regulatory framework as well as diversify product offering and services in line with international best practices and as part of its strategy 2021," said Essa Kazim, Chairman of the DFM Company.
He said preparations are in full swing to launch a new REITs (Real Estate Investment Trusts) Platform that would represent an important addition to the DFM product offering, after receiving approval of the Securities and Commodities Authority on DFM Rules of Listing and Trading of REITs that have been drafted in line with international best practices.
Earlier on the year, the DFM signed MoU with the Dubai Land Department, as part of efforts to create a favourable framework for the development of the REITs sector, which has a promising potential considering the importance and global reputation of Dubai's real estate sector, said Kazim.
The DFM also pursued its efforts to further enhance trading activity mechanisms and services. Accordingly, the DFM has witnessed an expansion in the market making and liquidity provision service launched in 2017, and it currently includes four service providers, said Kazim.
"Additionally, our investors can avail the margin trading service through 30 brokerage firms as well as the Direct Market Access (DFM) service through 14 brokerage firms. Such services create a comprehensive framework that supports the market activity of both investors and brokerage firms alike," Kazim added.
The DFM statement noted that the total value of trading decreased by 44.8 per cent to Dh47.7 billion during the first nine months of this year compared to Dh86.5 billion in the same period last year. The daily average of trading value decreased 45.18 per cent to Dh253.8 million compared to Dh462.9 million during the same period of 2017. -
Issac John Associate Business Editor of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.
MENAFN0611201800490000ID1097664482
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.