Dubai Financial Market posts 21% rise in H1 profit; gets new CEO

Hassan Al Serkal is appointed as the DFM's new CEO with immediate effect

  
A man enters the Dubai Financial Market December 23, 2009. Image used for illustrative purpose.

A man enters the Dubai Financial Market December 23, 2009. Image used for illustrative purpose.

REUTERS/Ahmed Jadallah

The Dubai Financial Market (DFM) Company registered a 21 percent increase in its net profit at 78.9 million dirhams ($21.5 million) for the first half of the year (H1) compared to 65.1 million dirhams ($17.73 million) during the corresponding period of 2019.

The net profit of the second quarter of 2020 reached 44.2 million dirhams, a 20 percent increase compared to same time last year, a statement from DFM Company, the operator of Dubai Financial Market, said.

Essa Kazim, Chairman of the DFM Company, said: “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."

DFM recorded a total revenue of 181.1 million dirhams in H1 2020 compared to 163.5 million dirhams during H1 2019.

During the first six months of 2020, the DFM’s trading value has exceeded 31 billion dirhams, a 25 percent increase compared to the corresponding period of 2019.

The DFM attracted 1,718 new investors in H1, lifting the total number of DFM’s investor base to 845,770. Foreign investors accounted for 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

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

Source: DFM Company.  

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.

(Writing by Seban Scaria; Editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

#DFM #UAE #Markets #Equities

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© ZAWYA 2020

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