Markets DFM operator net profit surges 42% to $40m in 2022 By Pramod Kumar February 1, 2023, 7:30 AM Wam Drake & Scull's trading ceased in November 2018 when the company disclosed losses exceeded 75 percent of its capital Dubai Financial Market Company reported net profit of AED147.1 million ($40.05 million) for 2022, a year-on-year increase of 41.7 percent. Total revenue reached AED351.2 million, a year-on-year increase of 19 percent. The board of directors recommended a cash dividend of AED134.7 million, equivalent to 1.68 percent of the capital and 100 percent of the total retained earnings available for distribution. In addition, the board resolved to submit a recommendation to the annual general meeting to adopt a new fixed dividend policy, stipulating that the company will distribute a minimum of 50 percent of its net profit annually as opposed to the current practice of cash dividend every two years. Helal Al Marri, chairman of DFM Company, said: “2022 has been a promising year for DFM. Our results for the fiscal year are a testament to the strength of our company’s operating model and the progress we are making in transforming our business, pursuing new opportunities, and accelerating the development of UAE capital markets.” DFM is one of the most active markets globally for new initial publis offerings (IPOs), with the successful listing of five IPOs for government-related and private companies, he stated. Al Marri said that the company intensified its efforts to diversify asset classes with the introduction of trading in crude oil contracts (micro Oman crude oil futures) and the launch of new equity futures. DFM ended 2022 on a strong note, with trading value increasing by 24.5 percent year-on-year to AED90 billion. The market capitalisation of listed securities increased by 41.4 percent to AED 582 billion. Over the past year, DFM attracted 167,332 new investors, bringing the total investor base to over one million investors from 212 nationalities.
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