The Dubai Financial Market Company announced, on Monday, its financial results for the first nine months of the current year ending on September 30, 2020, which showed a net profit of 120.1 million dirhams, an increase of 26% compared to the profits of the same period in 2019 of 95.5 million dirhams.
The net profit during the third quarter of this year reached 41.1 million dirhams, compared to 30.4 million dirhams in the same period in 2019, an increase of 35%.
The company’s total revenues reached 271 million dirhams during the first nine months of 2020, 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 150.9 million dirhams by the end of September 2020, 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, it amounted to 89.8 million dirhams, compared to 78.1 million dirhams in the same quarter of 2019, while the expenses were The third quarter is 48.7 million dirhams, compared to 47.7 million dirhams in the third quarter of 2019.
Positive performance indicators
Commenting on the most prominent performance developments during the first nine months of 2020, Issa Kazim, Chairman of the Dubai Financial Market Company PJSC, said: M. P. »:“ The total value of trading on the Dubai Financial Market increased by 28.3%, compared to its levels in the same period of 2019, to reach 51 billion dirhams. The trading values recorded an increasing growth during the past three quarters compared to the corresponding periods of the previous year, at rates of 19%, 30% and 34.5% respectively. With regard to 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 recovering a large part of its previous declines that came in the midst of global market fluctuations as a direct reflection of the unprecedented conditions as a result of the emerging corona virus pandemic. The market attracted 3,194 new investors during the first nine months, and 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 Market by the end of September 190 million dirhams as purchase proceeds. Undoubtedly, 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. The various economic stimulus packages, which the wise leadership in the UAE hastened to launch, have been significantly reflected in various economic sectors.
Product diversification momentum
He added, “The diversification of products and asset classes is one of the most important pillars of the DFM’s strategy. This strategy has gained momentum; During the third quarter, the market witnessed the listing of Chimera Capital’s ETF, as well as the launch of the share futures trading platform and the start of its trading in the market last week. In the next phase, we are working to strengthen this strategic direction by listing more traded funds in addition to real estate investment funds and expanding the scope of the futures contracts platform for stocks and other asset classes to provide investors with various investment opportunities.
Kazim concluded, “Earlier this year, the market also completed a number of pioneering strategic development initiatives, including the formal launch of the Dubai Clearing Company and the Dubai Depository Company as two independent companies for post-trade services, as part of the endeavors to develop the market structure and post-trade services. Trade according to international best practices. The market has also accomplished the largest development process of its kind and the widest in its technical structure throughout its history, through the successful transformation to the integrated financial framework system from Nasdaq, which enhances its technical and organizational structures, elevates its institutional excellence and establishes its leading position in leading development efforts in the capital markets sector locally and regionally. ».
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