Dubai: Al Safwa Mubasher Financial Services PJSC has registered a net loss of Dh4.5 million for 2016, a decrease of 83 per cent on its 2015 net profit, the company revealed in its full year financial results released on Monday afternoon.
The brokerage and investment house saw its net profit drop from Dh4.54 million in 2015 to Dh2.48 million in 2016, despite its revenue increasing by 167 per cent in the same period.
For the year ended December 31, 2016, the company saw Dh17.9 million in revenues, up from Dh6.7 million in 2015.
According to the statement issued by Al Safwa Mubasher, the company also tripled the total value of its assets, from Dh106 million in 2015, to Dh353 million in 2016.
In November 2016, Al Safwa Mubasher Financial Services was approved by Dubai Financial Markets (DFM) for direct access as a broker to the listed stock exchange, allowing it to buy and sell orders for global brokers.
Last year was difficult for brokerage firms on Dubai’s bourse, due to thin stock market volumes.
Many have been forced to close of merge operations, including Al Safwa Islamic Financial Services and Mubasher Financial Services, who formally created new entity Al Safwa Mubasher Financial Services in September 2016.
