Wednesday, Apr 23, 2014
Dubai -- Dubai Financial Market Company on Wednesday reported a first quarter net profit of Dh215.1 million, a 696 per cent leap compared to Dh27 million during the corresponding period of 2013.
The company’s total revenue increased 289 per cent to Dh255.6 million in the first quarter of 2014 compared to Dh65.7 million in the same period last year. The revenues are comprised of Dh241 million of operating income and Dh14.6 million of investment returns.
The first quarter operating expense were up 4.6 per cent at Dh40.5 million compared to Dh38.7 million during the same period of 2013.
“DFM has led the best performing exchanges globally during the first quarter of 2014 with its General Index up 32 per cent, and the daily average of trading value up 428.8 per cent to Dh1.77 billion compared to Dh336 million during the same period of 2013,” said Essa Abdulfattah Kazim, Chairman of Dubai Financial Market.
The exchange company is witnessing thriving activity since the beginning of this year as the total trading has jumped during the first quarter of 2014 to Dh110 billion compared to Dh20.8 Billion during the corresponding period of 2013.
During the first quarter, DFM has issued the “Securities Lending and Borrowing” rules (SLB), as part of our constant efforts to meet the growing requirements of market participants. The first three months of 2014 have also witnessed an expansion in Margin Trading provision and Direct Market Access (DMA).
The number of DFM Margin Trading providers has increased to 18 with the accreditation of 7 new providers, while the number DMA providers has increased to 9 with the accreditation of 3 new brokerage companies. “These developments will further boost market activity during the coming period with the accessibility to new sources of liquidity as well as offering international investors the opportunity to directly trade on the market,” said Kazim.
DFM stock closed 0.26 per cent down at Dh3.80 on Wednesday.
By Babu Das Augustine Deputy Business Editor
Gulf News 2014. All rights reserved.
