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Dubai Financial Market DFM increase its net profit by 709% to hit AED284.6 million in 2013, and the BOD propose 5% cash dividends


Dubai Financial Market (PJSC) announced its results for the financial year ending 31st December 2013. The company recorded a net profit of AED 284.6 million for the year 2013, compared to AED 35.2 million in 2012. Total revenues reached to AED 453.1 million at the end of 2013, compared to AED 191 million in 2012. The total revenue comprised AED 400 million of operational revenues and AED 53.1 million of investment revenues and others.During its meeting on Thursday, January 30th 2014, the Board of Directors reviewed and approved the annual results, which will be presented for ratification at the annual general meeting of the company due to be held on March 3rd 2014 in coordination with The UAE Securities and Commodities Authority (SCA). The board also proposed a cash dividend of 5% of the capital equivalent to AED 400 million.HE/ Essa AbdulFattah Kazim, Chairman, Dubai Financial Market (PJSC) said: “The year 2013 was packed with enormous achievements and positive developments, as DFM started to reap the fruit of many years of hard work and efforts to develop its infrastructure in accordance with international best practices and reflect the sound fundamentals of the national economy which placed DFM as the second best-performing exchange globally in 2013. The DFM General Index recorded a phenomenal growth rate of 107.7% and the daily average of trading value significantly increased by 231.8% to AED 642.1 million compared to AED 193.5 million in 2012. The total traded value also increased in 2013 by 227.8% to AED 159.8 billion, in comparison to AED 48.7 billion during 2012. This impressive performance stems from the growing awareness amongst various investors of the underlying values and attractive investment opportunities offered by the DFM. These factors have played a pivotal role in the MSCI Inc. and S&P Dow Jones decision to upgrade the UAE market to “Emerging Market” status. We believe that the boom in 2013 represents a new starting point for DFM.”“As part of the ongoing development steps,  the DFM has implemented key initiatives in 2013 based on international best practices including; (Buyer Cash Compensation); the preparation of (Securities Lending and Borrowing) rules; and the expansion of Margin Trading services, lifting the number of DFM-approved brokerage firms providing this service to 11 by the end of 2013. The DFM also introduced Direct Market Access (DMA) and approved 6 brokerage firms to provide this service to international investors. The DFM further increased its efforts in 2013 to provide electronic services and smart phone applications as part of the Company’s innovation and development strategy adopted since its inception in the year 2000. These efforts are inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President, Prime Minister and Ruler of Dubai. In this context, DFM has further expanded its electronic services, smart phone applications and innovative solutions whether directly provided by DFM or via licensed brokerage firms. We have developed an advanced infrastructure to support mobile trading and launched the DFM smart phone application which places our services in the palm of the hands of our market participants with all the latest updates, share prices, market news and company disclosures,”Mr. Kazim added.“DFM has actively participated in Dubai’s efforts towards becoming the capital of Islamic economy and to strengthen the Emirate’s position as a global Sukuk centre. DFM has worked unstintingly to encourage the issuing, listing and trading of Sukuk on the Dubai capital markets. This attracted several listings from local, regional and international institutions, raising the total value of listed Sukuk on the Emirate’s markets by 44.5%  to AED 48.8 billion (USD 13.3 billion) by the end of 2013 in comparison to AED 33.8 billion (USD 9.2 billion) at the outset of the same year. Moreover, DFM introduced its Standard for Issuing, Acquiring and Trading Sukuk DFM as part of its extensive efforts towards creating a favorable environment for the prosperity of the Islamic finance sector, including the creation of standard frameworks which encourage local and foreign institutions to rely on Islamic finance solutions,.” Mr. Kazim concluded.



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