DFM net profit plunges 60pc to $21m
Dubai, March 15, 2011
Dubai Financial Market (DFM) posted a net profit of Dh78.9 million ($21.48 million) for the year 2010, a fall of 60 per cent compared to Dh346.6 million in 2009.
Total revenues reached Dh260.5 million at the end of 2010, compared to Dh502.9 million in 2009.
The total revenue comprised of Dh186.4 million operational revenues and Dh74.1 million of investment revenues and others.
The earning per share stood at Dh0.01 compared to Dh0.04 at the end of 2009.
“In 2010, DFM proceeded with the realisation of its strategic plans aimed at achieving the highest levels of integration with Nasdaq Dubai by consolidating the strengths and competitive characteristics of both sides, further enhance liquidity as well as increasing attractiveness to different categories of investors,” stated Abdul Jalil Yousef Darwish, chairman, Dubai Financial Market.
“The 60 per cent decline in DFM trading value in 2010 was considerably reflected in our revenues and net profits. However, we are fully convinced that we have been through passing circumstances due to the global financial crisis, so DFM pushed forward with implementing a series of plans aimed at enabling the exchange’s full readiness for a new stage of growth,” added Essa Kazim, managing director and chief, Dubai Financial Market.
“The company has taken the necessary steps to diversify revenue streams and achieve a more balanced representation between the trading revenues and other sources of income.”
“One of DFM’s top priorities in the upcoming stage include the diversification of listed companies, better representation of economic sectors in Dubai and more importantly attracting listings from sectors that are entirely unrepresented despite their crucial role in the economy, such as commerce, tourism and health.”-TradeArabia News Service