Dubai Financial Market Company, the operator of the DFM, reported a 35 per cent rise in its third-quarter profit boosted by higher trading volumes on the exchange.
Net profit attributable to owners of the company for the three months to September 30 jumped to Dh41.1 million ($11.2m), the company said on Tuesday in a statement to the DFM, where its shares trade. Total quarterly income rose 12 per cent to Dh90.4m from the same period in 2019.
“During the past three quarters, the trading value maintained steady growth registering 19 per cent, 30 per cent and 34.5 per cent, respectively compared to the corresponding periods of the previous year,” Essa Kazim, chairman of the Dubai Financial Market Company, said.
“The General Index advanced for the second consecutive quarter by 10 per cent, following its 16 per cent advance in the second quarter, restoring [a] considerable percentage of its previous decline.”
The company’s nine-month net profit rose 26 per cent to Dh120.1m from the year earlier period. Revenue jumped 12 per cent to Dh271m. Trading commission fees during the period climbed 29 per cent to Dh124.9m.
“This performance clearly indicates DFM’s resiliency in containing international market volatility due to the repercussions of unprecedented circumstances triggered by the Covid-19 pandemic,” Mr Kazim added.
The company's total assets grew to Dh9.85 billion at the end of September 2020, compared to Dh9.68bn on December 31 last year. The value of shares traded on the exchange in the nine-month period was up 28 per cent on the prior period to Dh51bn.
DFM also maintained its attractiveness to foreign investors who were responsible for 51 per cent of trading activity and 18 per cent of the market capitalisation at the end of September 2020, the company said.
