Stock exchange operator Dubai Financial Market announced a 22 per cent drop in third-quarter profit on Sunday, with trading volumes down for the first nine months of the year.
DFM, which also owns a two- thirds stake in Nasdaq Dubai, announced that net profit fell to Dh35.4 million during the three months to the end of September, compared with Dh45.4m in the same period last year.
Revenues fell 9.1 per cent to Dh81.1m over the same period.
“During the first nine months of 2016, trading activity slowed down due to the unfavourable circumstances associated with the global economy, which are completely isolated from our strong economy,” said the DFM chairman Essa Kazim.
“Within this context, DFM Company’s revenue and net profit have decreased during the first three quarters of the year.”
DFM noted that institutional investor participation in the market rose to 28.3 per cent of trading value during the first nine months of the year from 25.3 per cent during the same period last year, with foreign investors market ownership rising to 22.2 per cent from 17 per cent.
The operator’s shares closed 0.87 per cent lower at Dh1.14 ahead of the results announcement.
jeverington@thenational.ae
Follow The National's Business section on Twitter
