Dubai Financial Market has posted a net profit of Dh284.6 million ($77.5 million) for 2013, as compared to Dh35.2 million in the previous year.

The total revenues reached to Dh453.1 million at the end of 2013, compared to Dh191 million in 2012.
    
The board reviewed and approved the annual results at its meeting today (January 30) and this will be presented for ratification at the annual general meeting of the company due to be held on March 3 in coordination with the UAE Securities and Commodities Authority (SCA).

The board also proposed a cash dividend of five per cent of the capital equivalent to Dh400 million.

Essa Abdul Fattah Kazim, chairman, DFM, said: “The DFM General Index recorded a phenomenal growth rate of 107.7 per cent and the daily average of trading value significantly increased by 231.8 per cent to Dh642.1 million compared to Dh193.5 million in 2012.

“The total traded value also increased in 2013 by 227.8 per cent to Dh159.8 billion, in comparison to Dh48.7 billion during 2012. This impressive performance stems from the growing awareness among various investors of the underlying values and attractive investment opportunities offered by the DFM.”

“DFM has actively participated in Dubai’s efforts towards becoming the capital of Islamic economy and to strengthen the emirate’s position as a global sukuk centre. DFM has encouraged the issuing, listing and trading of sukuk on the Dubai capital markets. This attracted several listings from local, regional and international institutions, raising the total value of listed sukuk on the emirate’s markets by 44.5 per cent to Dh48.8 billion by the end of 2013 in comparison to Dh33.8 billion at the outset of the same year.

“Moreover, DFM introduced its standard for issuing, acquiring and trading sukuk DFM as part of its extensive efforts towards creating a favourable environment for the prosperity of the Islamic finance sector, including the creation of standard frameworks which encourage local and foreign institutions to rely on Islamic finance solutions,” Kazim added. - TradeArabia News Service