DFM Company posts net profit of AED 253.5 million in 2016

DUBAI, 7th February, 2017 (WAM) -- Dubai Financial Market (PJSC) announced on Monday its results for the financial year ending 31 December 2016, as the Company posted a net profit of AED 253.5 million for the year 2016, compared to AED 261 million in 2015, a 3 percent decline. Total revenues reached to AED 439.3 million in 2016 compared to AED451 million in 2015. The total revenue comprised of AED 360.5 million of operational revenues and AED 78.8 million of investment revenues and others. As for the fourth quarter of 2016, the total revenue of the Company increased 89 percent to AED 131.2 million compared to AED 69.3 million during the corresponding period of 2015, whilst the net profit increased 406 percent to AED 78.5 million compared to AED 15.5 million in the last quarter of 2015. During its meeting today, the Board of Directors reviewed and approved the annual results, which will be presented for ratification at the Annual General Meeting of the Company scheduled on 13 March 2017, in coordination with The Securities and Commodities Authority (SCA). Essa Kazim, Chairman of the company, said, "Despite of the 12 percent drop in trading value to AED 133 billion in 2016, due to some unfavorable circumstances related to oil prices and international markets’ volatility, the DFM managed to contain the implications of these circumstances. The DFM General Index ended the year at the forefront of indices in the GCC region advancing 12 percent, one of the highest growth rates amongst the leading exchanges globally. Additionally, DFM has maintained its attractiveness to foreign and institutional investments due to its world-class infrastructure and the lucrative opportunities it provides, as a proxy for the diversified and strong national economy. Foreign investments accounted for 45 percent of trading value in 2016 with AED 306.5 million of net in-flows. On the other hand, institutional investments accounted for 30 percent of trading value with AED 2.2 billion of net in-flows." As for market infrastructure, Kazim said, "The DFM maintained its development efforts aimed at enhancing market infrastructure and regulations as per international practices. Within this context, DFM has launched the "Direct Deals Service" to streamline bulk deals on shares of a listed company within a fair and transparent environment while exempted from the price cap in effect. As part of this service, the DFM has implemented three Direct Deals in 2016 with a total value of AED 535 million. Furthermore, DFM’s efforts to provide investors with new financial instruments have gain momentum as the market welcomed the listing of Afkar Capital’s Exchange-Traded Fund (ETF) end of June in a first of its kind step. The market also recorded AED 527 million of trading in Rights Issues of five listed companies, which clearly indicates investors’ momentous interest towards this new tool, which has been introduced as part of DFM’s efforts to provide investors with new financial instruments." "As part of DFM’s "Smart Borse" strategy in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the DFM has launched numerous applications and innovative services for market participants in 2016. This includes; the addition of new services to eServices platform for investors as well as the addition of eIPO Platform’s services to the smart phone application," he added. – Emirates News Agency, WAM -http://www.wam.ae/en/details/1395302595925