Dubai – Mubasher: The Dubai Financial Market Company (DFM Company) on Monday reported a 40% year-on-year drop in profits for the first nine months of 2018.
Net profits amounted to AED 103.7 million during the nine-month period ended September, compared to AED 173.3 million in the same period of the prior year, according to an official statement.
“During the first nine months of 2018, the DFM has accelerated its efforts to further enhance its infrastructure and regulatory framework as well as diversify product offering and services in line with international best practices and as part of its strategy 2021,” Essa Kazim, chairman of the DFM Company, said.
Similarly, the Dubai-listed firm’s net profits plunged 25% to AED 20.9 million for the third quarter of 2018, against AED 27.7 million in Q3-17.
Total revenues recorded AED 251.9 million in the January-September period of 2018, from AED 313.3 million in the same period a year earlier, the statement added.
The company’s expenses reached AED 148.2 million by the end of September.
It is worth mentioning that the total value of trading on the DFM Company decreased by 44.8% to AED 47.7 billion from January to September, compared to AED 86.5 billion in the same period last year.
“We have accomplished preparations to launch a new REITs Platform that will represent an important addition to our product offering,” Kazim added.
The company is working on obtaining the approval of the Securities and Commodities Authority (SCA) on the Dubai Financial Market’s (DFM) Rules of Listing and Trading of Real Estate Investment Trusts (REITs).
Earlier in 2018, the company signed a memorandum of understanding (MoU) with the Dubai Land Department, which has a promising potential considering the importance and global reputation of Dubai’s real estate sector.
