Dubai Financial Market Company (DFM) is expected to post a first-quarter net profit of around Dh200 million, according to Chairman Essa Kazim.
Speaking to the press after the annual general meeting of the DFM yesterday, Essa Kazim said the first quarter profit will be more than double of the corresponding period figure of Dh100m, which was without the initial public offer revenues.
The company earned Dh563million in the first quarter of 2008, including Dh468m from the IPO proceeds. The shareholders of the company approved a proposed 10 per cent cash dividend at the AGM. The dividend is equivalent to Dh800m.
DFM had reported a profit of Dh546.67m in the fourth quarter of 2007, beating analysts’ forecasts as trading volumes surged.
“This past year has been one of immense growth and success for DFM.
We are incredibly proud of the contribution we have made to Dubai’s financial community and the UAE’s rapidly expanding economy. Our success is symbolic of the prosperity and success that has been enjoyed for the last several years by this country as a whole,” Kazim said.
DFM expected to post Q1 net of Dh200m