Live Currency Rates
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai- DFM Company profit soars 400% for first nine months  Join our daily free Newsletter

MENAFN - Khaleej Times - 04/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Khaleej Times) Dubai Financial Market Company on Saturday declared more than 400 per cent increase in its net profit for the first nine months of the year, compared to same period last year.

Top officials of the company attributed this significant increase to the expansion of margin trading that created more liquidity and boosted trading value by more than 46 months in the first three quarters of the year.

"Since the beginning of this year, the DFM Company has relentlessly endeavoured to create a thriving and supportive environment with the aim to restore normal market activity. For this purpose, we have accredited three new brokerage firms for margin trading in 2012, compared to one company to the previous year, raising the total number of DFM-licensed brokerages which offer this service to their clients, to four," said Abdul Jalil Yousef Darwish, chairman of Dubai Financial Market. This is expected to leave a positive mark on the exchange's performance, and ultimately on the Company's revenue in the future," Darwish said.

The total value of margin trading reached Dh337.5 million since the introduction of this mechanism, he said, adding: "We believe that Margin Trading will gain momentum with the accreditation of more brokerage firms who have already applied."

The company's net profit for the first nine months of the year ending September 30, reached Dh38.9 million, showing a 411 per cent increase compared to the corresponding period in 2011.

"We are confident that DFM is well positioned for a new beginning given the various market infrastructure enhancements implemented over the last two years. Evidently, the best indication of this is the significant improvement in trading value and witnessing DFM as the best performing regional exchange with its general index increasing 20 per cent year to date," he said.

The company's performance improved during the third quarter of 2012 with the quarterly net loss declining to Dh1.7 million compared to Dh9.3 million in the same quarter last year.

The company recorded a total revenue of Dh155.5 million at the end of the third quarter compared to Dh145.1 million during the corresponding period in 2011. The revenue comprised of Dh121 million of operating income and Dh34.5 million of investment returns.

The Company expenses reached Dh116.6 million compared to Dh137.5 million recorded during the first three quarters of 2011.

During the third quarter of 2012, the Company's revenue reached Dh36.8 million compared to Dh31.7 million, whilst expenses amounted to Dh38.5 million in the same period compared to Dh41 million in first three quarters of 2011.

It is noteworthy that the DFM trading value significantly increased by 46.6 per cent to reach Dh40.4 billion during the first nine months of this year compared to Dh27.6 billion in the corresponding period of last year.

Furthermore, the trading value at the end of the third quarter surpassed levels achieved during the entire year of 2011 by 26 per cent. Meanwhile, trading value decreased 9.9 per cent to Dh 8.1 billion in the third quarter of 2012 compared to Dh9.03 billion in the same period of 2011.

Essa Abdul Fattah Kazim, managing director and chief executive officer of Dubai Financial Market said: "DFM is currently carrying out a series of measures to prepare its systems and procedures for the introduction of "Market Making" and three other supportive mechanisms including; Securities Lending & Borrowing (SLB)", Short Selling and Liquidity Providing. Our plans also include developing relevant new business rules, obtaining regulatory approvals, and communicating with the DFM market participants to explain the new business model, to ultimately ensure the effective introduction of the new trading mechanisms."

 






  MENA News Headlines
Apr 23 2014Omantel launches service package for youth ,MENAFN
(MENAFN) Omantel announced launching 'Ozone' plan, a new package designed especially for the youth. This comes with the company"s constant efforts to enhance the communication needs of its customers, ...

Apr 23 2014Dh154 billion for Arabtec projects ,Khaleej Times
(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief ...

Apr 23 2014?Titli? makers excited about Cannes selection ,Khaleej Times
(MENAFN - Khaleej Times) The movie about the badlands of delhi?s dystopic underbelly will be in competition as part of the un certain regard section of the 67th cannes film gala to be held may ...

Apr 23 2014Saudi- Yaroub Bashraheel: In search of peace ... underwater ,Arab News
(MENAFN - Arab News) You've heard of diving snorkeling and other water activities but rarely has anyone heard of free-diving. it's a form of diving underwater without the aid of any breathing ...

Apr 23 2014Saudi- Schneider highlights intelligent health care solutions at forum ,Arab News
(MENAFN - Arab News) Schneider electric a global specialist in energy management is set to showcase its leadership in intelligent health care solutions at the second saudi forum for planning and ...

Apr 23 2014Saudi- Divorcees can seek housing ,Arab News
(MENAFN - Arab News) The kingdom will accept applications from saudi divorced women and widows for financial and housing support said justice minister muhammad al-issa.al-issa called on applicants ...

Apr 23 2014Saudi- New passport office opens at Red Sea Mall ,Arab News
(MENAFN - Arab News) The passport department has opened a new office for citizens and residents at the red sea mall.gen. abdul rahman bin abdullah al-tuwairki deputy director general of the ...

Apr 23 2014Kowait- Police deportation powers curbed ,Arab Times
(MENAFN - Arab Times) Kuwait city april 3 (afp): kuwaiti police will no longer be able to deport expatriates without interior ministry approval under new rules published thursday after officers ...

Apr 23 2014Kowait- Amiri Diwan urges all off tape case ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (agencies): the amiri diwan has called on everybody to steer clear of the controversial tape issue and let the public prosecution take the necessary ...

Apr 23 2014Kowait- New hospital to be ready by 2014 end ,Arab Times
(MENAFN - Arab Times) Kuwait city jan 14 (kuna): director of the 'mega projects 3' group at kuwait oil company (koc) yaqoub dashti said on tuesday that the new ahmadi hospital would be ready to ...

Apr 23 2014Seven tied for the lead in chess championships ,Khaleej Times
(MENAFN - Khaleej Times) Former champion sukandar grabs lead of asian continental women?s chess. former asian women’s champion wgm irene sukandar of indonesia (left) beat wim ni shiqun ...

Apr 23 2014Two suspects held for robbing pedestrians in Sharjah ,Khaleej Times
(MENAFN - Khaleej Times) The sharjah police on tuesday arrested two stateless citizens for allegedly robbing many persons posing as criminal investigation department (cid) officers. the suspects ...

Apr 23 2014Thousands of Emirati job-seekers flock to career fair ,Khaleej Times
(MENAFN - Khaleej Times) 160 companies at fair organised for uae nationals a career fair brought together thousands of emirati job seekers and recruiters on its first day. shaikh maktoum bin ...

Apr 23 2014Saudi Savola Group revenue up 43 pct in Q1 ,MENAFN
(MENAFN) Saudi Arabia's Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported. According to a statement to ...

Apr 23 2014Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Sale of Gate Towers penthouses launched ,Khaleej Times
(MENAFN - Khaleej Times) Aldar properties has launched the sale of 21 exclusive duplex penthouse apartments at gate towers the penthouse collection in shams abu dhabi on al reem island. one of ...

Apr 23 2014ADCB profit grows 26% in first quarter ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank?s profit grew 26 per cent in the first quarter of the year to dh1. however net profit rose 22 per cent year-on-year. non-interest income was 24 ...

Apr 23 2014ADCB NIC in Dh950 million deal ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank or adcb this week inked a dh950 million term facility to provide national investment corporation or nic the developer of the breakwater area in ...

Apr 23 2014Gitex Shopper Spring 2014 to open doors today ,Khaleej Times
(MENAFN - Khaleej Times) Gitex shopper spring 2014 is set to open doors today with best bargains on latest tech products along with millions of dirhams worth of prizes during the four-day ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help