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Dubai Financial Market Company (PJSC) announced today its consolidated financial results for the first half of the year ending June 30th 2010, recording a net profit of AED 79.5 Million, with 57% decline compared to AED 186.7 Million in the corresponding period of 2009. Net profit for the second quarter of 2010 stood at AED 25.9 Million. The Company recorded AED 69.7 Million of revenues in the second quarter of 2010, which comprised of AED 51.5 Million of operating income and AED 18.2 Million representing the return on investments. Meanwhile, operating expenses amounted to AED 24.8 Million.
It is noteworthy that DFM Company’s revenue and profit was affected by a 32% decline in trading value during the second quarter of the year to AED 19 Billion compared to AED 28 Billion in the first quarter.
Commenting on the results, Abduljalil Yousuf Darwish, Chairman of DFM Company said: "Over the recent months, DFM Company has embarked upon executing a series of development and investment plans which directly benefit our investors, in addition to the announcement of fully acquiring NASDAQ Dubai, all of which will further support the emirate of Dubai's drive to become the leading financial center in the region. In this regard, the Company successfully finalized the purchase of two thirds of NASDAQ Dubai. Additionally, the company effectively implemented the many stages of the consolidation process between the two exchanges. Undeniably, the management's restless and sincere effort over the last few months is an indication of a clear vision, full understanding of the challenges, and above all, it is based on an undisputed commitment to our investors as our paramount priority".
Essa Kazim, Managing Director and CEO of Dubai Financial Market (PJSC) said: “The Company has successfully achieved a number of key milestones to consolidate DFM and NASDAQ Dubai during the second quarter of 2010. This was crowned by the implementation of outsourcing NASDAQ Dubai's trading, clearing, settlement and custody functions to DFM on July 11th 2010. The operational and back office consolidation between the two exchanges will bring many benefits to our investors, who have already started to observe these benefits and will fully recognize the benefits in the medium term".
"Over the recent months, we heavily mobilized many resources to consolidate DFM with NASDAQ Dubai for the benefit of the investors and the DFM Company. The revenues and profits have been affected by the declined trading value in Q2 2010 compared to Q1 2010. Contrary to these passing circumstances, the Company is well positioned to achieve good and sustainable growth in the future in light of the sound fundamentals of the UAE economy and the constructive developments we have seen since acquiring two thirds of NASDAQ Dubai in May 2010, which represented a strong push for the consolidation process", Kazim went on saying.
"Certainly, the pioneering steps we have taken since late last year to consolidate efforts and build upon the competitiveness and strengths of DFM and NASDAQ Dubai will advance to create a dynamic capital markets hub in this region, which is one of the main aspirations of Dubai. We are confident that this drive will clearly develop in the near future in light of the warm response received from investors, members and issuers", he added.
DFM Consolidated Financial Statements For The Period Ended 30/06/2010
