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Dubai Financial Market Q2 profit soars
July 22, 2013 12:52 by kippreport
Dubai Financial Market has reported that its second quarter net profit has surged on the back of renewed interest among investors lured by the emirate’s economic recovery.
DFM, the Gulf’s only listed stock exchange, made a net profit of AED69.5 million in the last three months to June 30, compared with AED10.2 million in the same period of 2012, a statement said.
The near-six-fold hike in profit was above the AED66.1 million forecast for the quarter by HSBC.
Having been battered by a sovereign-linked debt crisis and the bursting of a local real estate bubble at the end of the last decade, Dubai’s economy has been showing signs of vitality in the recent months — something reflected by its bourse.
The emirate’s index advanced 37 per cent in the first six months of the year, making it one of the best performing exchanges in the world.
DFM’s share price has also benefited from the improved investor sentiments. The stock closed at its highest level since late-2009 on Sunday, up by 4.6 per cent, with its year-to-date gains advancing to 102.9 per cent.
DFM also said that its revenue doubled to AED112.7 million the second quarter from AED49.6 million the corresponding period of 2012.