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Dubai Financial Market posts net profit of AED 346.6 million in 2009
BOD proposes 5% cash dividend, equivalent to AED 397.3 million.
Dubai, March 2nd 2010: Dubai Financial Market (PJSC), today announced its results for the financial year ending 31st December 2009. The Company recorded a net profit of AED 346.6 million for the year 2009, compared to AED 605 million in 2008.
Total revenues reached to AED 502.9 million at the end of 2009, compared to AED 1.01 billion in 2008. The total revenue comprised of AED 405.9 million operational revenues and AED 97 million of investment revenues and others. The earning per share stood at AED 0.04 compared to AED 0.08 at the end of 2008.
During its meeting on Tuesday March 2nd 2010, the company’s Board of Directors reviewed and approved the annual results, which will be ratified during the annual general meeting of the company that will be announced later after coordinating with Emirates Securities & Commodities Authority. The Board of Directors also proposed a cash dividend to shareholders of 5%, equivalent to AED 397.3 million.
Essa Kazim, Executive Chairman, Dubai Financial Market said: “As trading commissions contribute the majority of our revenue, we have seen a decrease in revenues and net profits in 2009 due to the continued implications of the global financial crisis. Nevertheless, DFM was one of the least affected exchanges in relation to trading value decrease in 2009 compared to other regional exchanges. The decline of 43% in trading value led to a relatively similar drop in operating revenue and net profits. Consequently, the company is engaged in deploying a series of plans aimed at reinforcing other revenue streams to limit dependence on trading commissions as much as possible. We are confident that these plans will enable us to achieve the best balance of revenue streams in the coming few years.”
“Since going public in 2007, DFM showed its undisputed commitment to provide shareholders with the best returns. To demonstrate this commitment, the Board of Directors proposed a cash dividend for the third consecutive year despite the lower trading activity and allocation of some of our liquidity to acquire Nasdaq Dubai. Undoubtedly, this reaffirms our commitment to shareholders, our confidence in the future of the company, the viability of DFM’s business model and ability to diversify revenues to achieve solid results”.
-Ends-
About Dubai Financial Market: Dubai Financial Market (DFM) was established as a public institution with its own independent corporate body. DFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000. Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing 20 per cent of its paid-up capital of AED 8 billion, DFM became a public joint stock company. Following the IPO, the Government of Dubai retained the remaining 80 per cent of DFM Company through Borse Dubai Limited. http://www.dfm.ae
For more information, contact:
Atef Fathy
Vice President - Public RelationsDubai Financial Market
Tel: +971 4 3055334
Email: afathy@dfm.ae
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