Dubai Financial Market (PJSC) today announced its results for the financial year ending 31st December 2010. The Company recorded a net profit of AED 78.9 million for the year 2010, compared to AED 346.6 million in 2009.
Total revenues reached to AED 260.5 million at the end of 2010, compared to AED 502.9 million in 2009. The total revenue comprised of AED 186.4 million operational revenues and AED 74.1 million of investment revenues and others. The earning per share stood at AED .01 compared to AED 0.04 at the end of 2009.
During its meeting on Monday March 14th 2011, the Board of Directors reviewed and approved the annual results, which will be ratified during the annual general meeting of the company that will be announced later on after coordinating with Securities and Commodities Authority (SCA).
Abdul Jalil Yousef Darwish, Chairman, Dubai Financial Market said: “The 2010 is considered the year of enabling DFM's strategy. This strategy is fully synchronized with Dubai's ultimate goal to become the dynamic financial markets hub in the region. Consequently, DFM proceeded with the realization of its strategic plans aimed at achieving the highest levels of integration with NASDAQ Dubai by consolidating the strengths and competitive characteristics of both sides, further enhance liquidity as well as increasing attractiveness to different categories of investors. Our achievements during the last two years in general and 2010 in particular were crowned by the introduction of a unified highly sophisticated trading platform for DFM and NASDAQ Dubai, and the adoption of new organizational structure to create the adequate ground for numerous shared services between the two exchanges”.
Essa Kazim, Managing Director and CEO, Dubai Financial Market said: “The 60% decline in DFM trading value in 2010 was considerably reflected in our revenues and net profits. However, we are fully convinced that we have been through passing circumstances due to the global financial crisis, so DFM pushed forward with implementing a series of plans aimed at enabling the exchange’s full readiness for a new stage of growth. The Company has taken the necessary steps to diversify revenue streams and achieve a more balanced representation between the trading revenues and other sources of income. Trading revenues dominates the company's sources of revenue with 60% of the total revenues on average. We are paying a lot of attention to further increase other revenue sources so as to reduce this average to the international markets standard. Our efforts in this regard covers several areas, most importantly market data sales which we have effectively launched at the beginning of 2011, the introduction of new financial services as well as the expansion of IPO registrar”.
“Through 2010 DFM has been intensely engaged in discussions with various business sectors in an attempt to encourage initial public offerings and magnetize new listings. One of DFM’s top priorities in the upcoming stage include the diversification of listed companies, better representation of economic sectors in Dubai and more importantly attracting listings from sectors that are entirely unrepresented despite their crucial role in the economy, such as commerce, tourism and health”.
Consolidated financial statements for the period ended 31/12/2010