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Dubai Financial Market Company (PJSC) announced today its preliminary financial results for the first quarter of the year ending March 31st 2010, recording a net profit of AED 53.6 million, with 8% decline compared to AED 58.5 million in the corresponding period of 2009.
DFM Company recorded total revenue of AED 90.4 million in Q1-10 compared to AED 95.3 million during the corresponding period of 2009. The first quarter of 2010 revenues comprised of AED 69.9 million of operating income and AED 20.5 million representing the return on investments. DFM Company operating expenses remained constant at its Q1-09 level of AED 17.8 million.
It is noteworthy that DFM trading value saw an increase of 5% to AED 28.975 billion during the first quarter of 2010 compared to AED 27.603 billion in the first quarter of 2009.
Essa Kazim, Managing Director and CEO of Dubai Financial Market “PJSC” said:“ The company’s ability to record a good level of profitability despite of international capital markets circumstances, reflects effectiveness of both business model and cost control measures. Moreover, the revenue and profits of Q1-10 is a clear evidence that our market is more stable and in a better condition compared to a year ago. Undoubtedly, these results reconfirms DFM company’s resilience in absorbing global developments which on the other hand demonstrates local and international investors’ confidence. Market performance during the last few months shows positive indications for significant stability and relative progress which allows us to look forward more optimistically. We hope that the market gains more momentum that enhances the possibility of recording more positive results by the end of 2010. Finally, we would like to reiterate DFM’s commitment to continue its restless efforts and unique initiatives to cement the market’s leading position in the region”.
Meanwhile, DFM company’s new Board of Directors held its first meeting today, May 1st 2010. The Board elected AbdulJalil Yousef as Chairman, Rashid Al Shamsi, as Vice Chairman and Essa Kazim as Managing Director and CEO for three years in addition to reformation of the committees emanating from the board. The new board was elected during the company’s annual meeting held on April 21st 2010.
Upon his election as Chairman, Abduljalil Yousef said: “ I would like to extend my sincere thanks to DFM company shareholders for electing the new board of directors and thanks also goes to the new board members for electing myself as chairman of the board. I hope that the new board will be up to the shareholders confidence.” Finally, Mr. Yousef also extended his thanks to the Ex-board members for their efforts to accomplish the company’s goals .
Condensed consolidated financial statements for the period ended 31/03/2010
