DFM shareholders approve balance sheet

Dubai, April 16, 2012

The Dubai Financial Market (DFM) shareholders approved the balance sheet and income statement for the fiscal year ending December 31, 2011, during its recently-held ordinary annual general meeting.

It was headed by the chairman of the company, Abdul Jalil Yousef Darwish.
 
DFM shareholders also ratified the board of directors’ report on the company’s performance and its financial position for the fiscal year ending December 31, 2011, the external auditor’s report and the Sharia’a and Fatwa Supervisory Board report.

They also appointed the External Auditors PricewaterhouseCoopers for the fiscal year 2012 and determined their professional fees, in addition to discharging members of the board of directors and the external auditors from their liabilities for the fiscal year ending December 31, 2011.

According to the Sharia’a and Fatwa Supervisory Board report, the Zakat of shares for the year 2011 is Dh1.58 ($0.43) for every 1000 shares. The board urged shareholders to hand out this Zakat as per their shareholdings.

It also calculated the company’s non-Sharia’a compliant revenue including similar revenue from Nasdaq Dubai.

The total value of this revenue amounted to Dh9.48 million ($2.58 million), equivalent to Dh1.19 ($0.32) for every 1000 shares.

The Sharia’a and Fatwa board directed DFM to dedicate this amount to the charity purposes in line with the board’s guidelines.

The Dubai Financial Market recorded a net profit of Dh8.9 million ($2.42 million) for the year 2011, compared to a net profit of Dh89.9 million ($24.4 million) in 2010, whilst the DFM Group (including its subsidiary Nasdaq Dubai) recorded a net loss of Dh6.9 million ($1.88 million) in 2011 compared to a net profit of Dh78.9 million ($21.4 million) in 2010.

Total revenues reached Dh176.5 million ($48.06 million) at the end of 2011, compared to Dh260.5 million ($70.9 million) in 2010.The total revenue comprised Dh119.6 million ($32.5 million) operational revenues and Dh56.9 million ($15.49 million) of investment revenues and others. – TradeArabia News Service

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