DFM, ADX score high in disclosure compliance

Dubai Financial Market (DFM) on Tuesday announced that its UAE listed companies have showed a 97.6 per cent compliance to disclose their Q1- 2014 results within the deadline of 45 days from the end of the first quarter.

Forty-one UAE public joint stock companies listed on DFM disclosed their quarterly results, with the exception of Amlak Finance due to procedural reasons, and Al Firdous as its financial year ends on  March 31.

Meanwhile, DFM suspended trading on one listed company; United KAIPARA Dairies which missed the deadline to provide the exchange with full and audited financial statements as per the UAE Securities and commodities Authority (SCA) and DFM requirements.

DFM also submitted a detailed report to (SCA) including the disclosure dates and its observations on the disclosures.

ADX achieves 99% in disclosure compliance

Abu Dhabi Securities Exchange (ADX) announced that it has achieved a compliance rate of 99 per cent regarding the disclosure of first quarter financial statements of its listed public joint stock companies within the deadline of 45 days from the end of the financial period.

Sixty-four listed companies, both local and foreign, disclosed their first quarter financial statements for 2014 within the 45 days period allowed.

The combined net profit of all listed companies as of March 31, 2014 has shown an increase of 18.8 per cent in comparison to the same period in 2013. The largest increase was in the consumer staples sector with 175.6 per cent, followed by the real estate sector with an increase of 81.5 per cent.

Saif Sayah Al Mansouri, head of listed companies at ADX, commented: "The collaboration between ADX and its listed companies has always been co-operative, which is clearly shown by the companies' fulfillment of their obligations on the disclosure of the first quarter financial statements." 

 

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