Dubai Financial Market records 98% profit increase

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The Dubai Financial Market Company (DFM), the Arab world?s only listed bourse, has earned a (quarterly) profit of 2.18 million UAE dirham ($ 593,500), an increase of 98 per cent.

The company said that it earned revenues of Dh 48.7 million; this comprised Dh 33.58 million of operating income and Dh15.12 million of investment returns. While the operating expenses fell to Dh46.52 million from Dh54.5 million in the previous quarter.

Abdul Jalil Yousef Darwish, Dubai Financial Market chairman, said the bourse had “profound confidence the low trading activities are purely passing circumstances mainly due to the repercussions of the global financial crisis. These conditions are going to improve in light of the sound fundamentals of the UAE economy?.

DFM executives attributed the improvement to a successful diversification of revenue streams away from reliance on trading commissions and towards strategies such as selling market data to local, regional and international data vendors.

?The diversification strategy is stemmed from DFM?s devotion to achieve a more balances revenue structure similar to prevailing ratios within the international financial markets?, added Darwish.

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