Dubai Financial Market's Q1 net profit up 27% to Dh86 million

Dubai - Total revenue has increased by 11 per cent to Dh127 million in the March quarter

Dubai Financial Market Company on Sunday declared its net profit at Dh86 million for the first quarter of 2016, showing an increase of 27 per cent over Dh67.7 million in the same period last year on increased trading activities.

The company's total revenue has increased by 11 per cent to Dh127 million in the March quarter of this year compared to Dh114.5 million during the same quarter last year.

The revenues comprise Dh105.6 million of operating income and Dh21.4 million of investment returns. Meanwhile, operating expenses reached Dh46.2 million during Q1 2016 compared to Dh46.8 million during the same period of 2015.

The DFM's trading value has increased 7.56 per cent during the first quarter of 2016 to Dh40.58 billion compared to Dh37.7 billion during the corresponding period of last year. Trading commission is the main revenue stream for the company.

Essa Kazim, chairman of Dubai Financial Market, said: "DFM's revenue and profit have relatively increased during the first quarter of 2016, which represents a positive development taking into consideration the fluctuations of regional and international markets due to the repercussions of lower oil prices."

Kazim added: "From our point of view, the market has handled such unfavourable circumstances with a high level of resilience and successfully managed to maintain a good level of activity, supported by investors' confidence in the lucrative investment opportunities DFM provides."

Accordingly, its trading value has increased by 7.56 per cent compared to the first quarter of 2015 and the General Index soared by 6.5 per cent, one of the best performing indices among main stock markets across the world.

- abdulbasit@khaleejtimes.com