Dubai Financial Market Company on Wednesday announced an annual net profit of AED137.9 million, up 14 percent on the previous year as trading jumped by nearly a quarter to AED66 billion ($18 billion).
Total revenues increased 7 percent to AED337.2 million while costs reached AED199.3 million, a small rise compared to 2019.
Net profit in the fourth quarter of 2020 reached AED17.8 million, down from AED25.1 million in the last quarter of 2019 as revenue also fell to AED66.2 million.
Essa Kazim (pictured below), chairman of DFM Company said: “Despite of the pandemic, 2020 witnessed a significant number of achievements for the DFM, as the global crisis didn’t halt the implementation of strategic development plans that reinforced DFM’s business excellence, competitiveness and sustainable growth.
“The high level of resiliency as well as the positive indicators of 2020 demonstrated by DFM underline the deep confidence of various market participants.”
He added that 2,350 new international investors joined the market, lifting total number of new investors in 2020 to 4,027 investors.
International investors maintained their strong presence on the market, accounting for 50 percent of traded value with net purchases of AED661 million and a shareholding of 19 percent of total market capitalisation by the end of 2020.
Kazim said the DFM General Index regained a significant proportion of its previous decline, recovering 49.8 percent compared to its lowest level of the year in April at the height of the first wave of the coronavirus pandemic, limiting its decline to 9.9 percent by the end of 2020.
He added that 2020 also witnessed an expansion in diversifying product offering and asset classes, a key pillar of DFM’s strategy, with the launch of equity futures as well as the listing of Chimera Investments’ Umbrella Exchange Traded Fund (ETF).
“We are endeavouring to strengthen this drive by listing more ETFs and Real Estate Investment Trusts (REITs), while expanding the equity futures and other asset classes, offering our investors an even more diverse range of opportunities. Additionally, we have completed our preparations to open up new horizons of capital markets to freezone companies, offering them the opportunity to avail the many benefits of listing and trading on DFM,” he added.
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