Media ININ Economy We Trust
13-02-2019 Media in \Dubai
Dubai Financial Market (DFM) today announced its financial results for the fiscal year ended December 31, 2018, with a net profit of AED 125.5 million compared to AED 232.9 million in 2017, a decrease of 46 per cent. Total revenues amounted to AED 324.7 million in 2018 compared to AED 421.6 million in 2017. Revenues were AED 194.7 million and AED 130 million respectively.
The company’s expenses during the year 2018 amounted to 199.2 million dirhams compared to 188.7 million dirhams in 2017.
Chairman of the Board, HE Essa Kazim, said that last year witnessed a significant acceleration in the pace of development efforts within the framework of Dubai Financial Market’s 2021 strategy, which focuses on enhancing competitiveness, strengthening the organizational structure, diversification of products and investment opportunities and developing market services.
Kazem added that the market is working hard to diversify products and asset classes, provide new investment tools to investors and enhance liquidity and market activity.
In the context of the Securities and Commodities Authority’s move towards self-regulatory markets, Kazim explained that DFM completed the first phase of the transfer of powers in 2018, whereby the licensing of intermediaries was transferred to the market management. The second phase of self-regulatory markets for the inclusion of companies and other products is currently under way.
Kazem said that the market launched in 2018 an innovative electronic system to distribute cash dividends to shareholders in a first step of its kind, reinforcing its leading position in the forefront of the most innovative and distinctive markets. Accordingly, the market successfully completed the distribution of cash dividends on behalf of the listed companies for the fiscal year 2017, where a total of 17.6 billion dirhams was distributed to about 575 thousand investors. The number of companies that managed the distribution of profits on their behalf increased to 46 companies from 35 in the previous year.
The market was launched at GITEX 2018 in an experimental way to manage the general assemblies of listed companies using Block Qin techniques and electronic text chat with investors.
