DFM H1 profit drops but rises in Q2

Dubai Financial Market Company registered net profit of Dh65.1 million compared to Dh82.8 million during the corresponding period of 2018, a decrease of 21 per cent. The net profit of the second quarter of 2019 reached Dh37 million, a nine per cent increase compared to Q2 2018 level of Dh33.9 million.
The company recorded a total revenue of Dh163.5 million in H1 2019 compared to Dh182.4 million during H1 2018. The revenue comprised of Dh88.8 million of operating income and Dh74.7 million of investment returns. Its expenses reached Dh98.4 million compared to Dh99.6 million recorded during H1 2018.
During the second quarter of 2019, DFM revenues reached Dh85.6 million compared to Dh83.3 million in the second quarter of 2018, whilst expenses amounted at Dh48.6million in the same period compared to Dh49.4 million during Q2 s2018.
The DFM trading value decreased to Dh25 billion, a 31.5 per cent decrease compared to the corresponding period of 2018.
"Decline in DFM's trading value echoes the prevailing trend of international exchanges during the first half of the year, as 74 per cent of the global exchanges registered a decline in their traded value during the first five months of this year compared to the same period of 2018," said Essa Kazim, chairman of the Dubai Financial Market Company.
"Meanwhile, the DFM General Index has advanced 5 per cent and we believe that this reasonable growth is a good indication considering the down trend that prevailed in most of exchanges globally, as 47 exchanges, representing two thirds of the members of the World Federation of Exchanges (WFE) have witnessed a decline in their indices," he said.
- waheedabbas@khaleejtimes.com