Dubai Financial Market sees 21% rise in H1 profit

By Rahul Vaimal, Associate Editor
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Dubai Financial Market
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One of the leading financial markets in the region, Dubai Financial Market (DFM) Company has reported a 21 percent rise in its net profit at $21.5 million for the first half of the year (H1) compared to $17.73 million during the corresponding period in 2019.

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The Dubai Financial Market operator updated that its net profit of the second quarter of 2020 grew 20 percent to reach $12 million compared to the same time last year.

Essa Kazim, Chairman – DFM Company

“The second-quarter performance clearly indicates the DFM’s resiliency in containing international markets’ volatility due to the repercussions of unprecedented circumstances triggered by the COVID-19 pandemic with the general index advancing 16 percent, restoring a considerable percentage of its previous decline.”

The total revenue of DFM reached $49.31 million in H1 2020 compared to $44.51 million during H1 2019.

During the first six months of 2020, the trading value of DFM witnessed a 25 percent increase to exceed $8.44 billion when compared to the corresponding period of 2019.

The exchange attracted 1,718 new investors in H1, lifting the total number of DFM’s investor base to 845,770. Foreign investors contributed to 49 percent of trading value and 18.2 percent of market capitalization.

“Undoubtedly, the UAE’s pro-active approach dealing with the pandemic’s repercussions has been pivotal in achieving these encouraging performance indicators with various economic sectors benefiting from the numerous stimulus packages rapidly launched by the UAE leadership,” Kazim added.

NEW CEO

DFM Company’s Board of Directors approved the appointment of Hassan Al Serkal as the DFM’s new CEO with immediate effect.

Hassan Al Serkal
Hassan Al Serkal, New CEO – Dubai Financial Market

Al Serkal, who assumes the new position after serving as the Chief Operating Officer (COO) and Head of Operations Division of DFM over the past years, will lead DFM’s strategic development efforts during the coming period.

The DFM commenced operations on March 26, 2000, and became the first Islamic Shariah-compliant exchange globally since 2007.

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