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28 March 2024

DFM profit drops 46% to Dh14.7m

DFM's shares ended 0.9 per cent lower on Thursday before the results were announced (FILE)

Published
By Reuters

Dubai Financial Market, the Arab world's only listed bourse, posted a 46-per cent-drop in its second-quarter net profit on Thursday as revenues fell and expenses jumped.

DFM reported a quarterly profit of Dh14.71 million ($4 million), the company said in an emailed statement, compared with a profit of Dh27.2 million for the same period in 2010.

Revenue for the quarter dropped to Dh64.59 million from Dh69.09 million in the second quarter of 2010. The quarterly revenue included an operating income of Dh50 million and investment returns of Dh14.59 million.

Expenses reached Dh49.88 million compared to Dh41.87 million in the prior-year period.

However, traded value for the quarter rose to Dh11.5 billion, said the statement, a 5.2 per cent increase from Dh10.9 billion a year earlier.

Essa Abdul Fattah Kazim, managing director and chief executive of Dubai Financial Market said the trading commissions' contribution to revenue dropped from 66 per cent in the first half to 2010 to 45 per cent in the first half of this year.

"The flow of revenues from listing fees, sale of market data and online advertising opportunities on DFM website have helped the company reach a greater balance between trading commissions and other revenue sources," said Kazim.

DFM's shares ended 0.9 per cent lower before the results were announced, taking their year-to-date losses to 24.5 per cent.