Dubai Financial Market records net profit of Dhs258m in first nine months

The total revenue reached Dhs374m for the first three quarters of 2009, composed of operational, investment and other income.

Essa Kazim, Executive Chairman of Dubai Financial Market (PJSC), said:

"The company managed to retain a healthy level of revenue and profit during the first three quarters of 2009 thanks to our diversified revenue streams, although the total trade value on Dubai Financial Market decreased to Dhs38.99bn in the third quarter compared to Dhs58.79bn in the previous quarter. Trading activity started quarter three in a relatively subdued mode, before gaining momentum towards the end of the period, which enabled us to deliver a steady level of profitability overall. The market performance in Q2-Q3 2009 reflects improved investor appetite and confidence in the sound fundamentals of the UAE economy and public listed joint stock companies. There are many encouraging signs as we see increased foreign investment inflows and positive sentiments in light of the encouraging company financial results recently announced."

The DFM General Index (DFMGI) advanced 34% by the end of Q3 (41.7% YTD), making DFM one of the best performing exchanges internationally. DFM is currently the second best performing market in the Middle East and North Africa (Mena) region directly following the Egyptian market. Foreign investment interest in DFM listed companies was reignited during the third quarter of 2009, demonstrated with net buying reaching Dhs1.05bn. Furthermore, institutional investors increased the net buyers of shares to Dhs1.3bn during the same period.

"The continual improvement of market indicators is a clear sign of the attractive economic environment and the investors' profound belief in the soundness of the UAE economy and DFM-listed companies'. Market indicators for the current period of Q4 2009 shows that the daily trade value is returning to its natural levels of 2008, as the daily average is currently Dhs1.227bn, compared to Dhs1.240bn last year. The latest trends strengthen our positive outlook on the market for the remainder of the year, enabling the DFM company to record stronger results for the full year in 2009," Kazim concluded.