Dubai:

Dubai Financial Market (DFM) said its third quarter net profit fell by a fourth with revenues.

Net profit for the third quarter to September fell 25 per cent to Dh20.9 million compared to Dh27.7 million in the same period last year.

For the first nine months of the year ending September, the bourse registered a net profit of Dh103.7 million, a 40 per cent decrease from Dh173.3 million in the same period of 2017.

Total revenue reached to Dh251.9 million during the nine months’ period compared to Dh313.3 million during the corresponding period of 2017.

The total value of trading on DFM decreased by 44.8 per cent to Dh47.7 billion during the first nine months of this year compared to Dh86.5 billion in the same period last year.

Essa Kazim, Chairman of the Dubai Financial Market Company (PJSC) said: “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.”

DFM launched the Allocation Account mechanism earlier in 2018, in a first step of its kind among regional markets. The year also witnessed the accreditation of the first Repo buyer on DFM after granting Equities First Holdings, (EFH), a global lender and a leader in shareholder financing solutions, the approval to provide repurchase (Repo) transactions.