26% growth in Dubai Financial Market profits in 9 months –...

26% growth in Dubai Financial Market profits in 9 months –...
26% growth in Dubai Financial Market profits in 9 months –...

The Financial Market Company announced its financial results for the first nine months of this year, which showed a net profit of 120.1 million dirhams, an increase of 26%, compared to the profits for the same period in 2019, amounting to 95.5 million dirhams. Net profit for the third quarter was 41.1 million dirhams, compared to 30.4 million dirhams in the same period of 2019, an increase of 35%.

The company’s total revenues reached 271 million dirhams during the first nine months, compared to 241.6 million dirhams in the same period last year. Revenues were distributed by 175.2 million dirhams from operating operations, and 95.8 million dirhams from investments and other income.

Expenditures reached by the end of September 2020 to 150.9 million dirhams, compared to 146.1 million dirhams during the same period of 2019. As for the company’s revenues during the third quarter of this year, they amounted to 89.8 million dirhams, compared to 78.1 million dirhams in the same quarter of 2019, While the third quarter expenditures amounted to 48.7 million dirhams, compared to 47.7 million dirhams in the third quarter of 2019.

Indications

Issa Kazim, Chairman of the Dubai Financial Market Company, said: The total value of trading in the Dubai Financial Market increased by 28.3%, compared to its levels in the same period of 2019, to reach 51 billion dirhams. Trading values ​​recorded an increasing growth during the past three quarters, compared to the same periods of the previous year, by 19%, 30% and 34.5% respectively.

Regarding the general index, it maintained its rise for the second consecutive quarter, at rates of 16% and 10% during the second and third quarters, thus regaining a large part of its previous declines, which came in the midst of global market fluctuations, as a direct reflection of unprecedented conditions, as a result of the virus pandemic The new Corona. The market attracted 3,194 new investors during the first nine months.

It also maintained the remarkable presence of foreign investors, who acquired 51% of its trading value during the first half, and their ownership percentage reached 18% of the total market value of shares listed on the market, by the end of September 2020. The net foreign investment in the market, by the end of September, reached 190 million AED as purchase proceeds.

He said: There is no doubt that these encouraging performance indicators reflect the market’s distinct capabilities in terms of business continuity as usual, and its success in reaping the fruits of the effective methodology adopted by the UAE to deal with the repercussions of the pandemic, as the multiple economic stimulus packages that hastened the wise leadership were reflected. In the UAE, it has been launched, in a noticeable way, to various economic sectors.

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