DFM 2009Q4 profit AED88m +150%

[sharewadi]

Dubai Financial Market (DFM) announced a profit of AED 347 million for 2009 FY, down 43% from 2008 FY profit of AED 605 million.

Q4 2009 figures not supplied but previous quarter figures were:

DFM 2009 Q3 profit AED 72 million -67%
DFM 2009 Q2 profit Dh 128m -48%
DFM 2009 Q1 profit AED 59m -81%

So that implies 2009 4Q profit of 347 - 259 = AED 88 million, which is better than the DFM 2008 Q4 loss of AED 176m.

Cash dividend of 5% proposed.
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[sharewadi]

Press release from DFM (email received about 6pm). Financial statements and director's report not included.

Press Release 02 March 2010:

Dubai Financial Market posts net profit of AED 346.6 million in 2009 BOD proposes 5% cash dividend, equivalent to AED 397.3 million Dubai: Dubai Financial Market (PJSC), today announced its results for the financial year ending 31st December 2009. The Company recorded a net profit of AED 346.6 million for the year 2009, compared to AED 605 million in 2008. Total revenues reached to AED 502.9 million at the end of 2009, compared to AED 1.01 billion in 2008. The total revenue comprised of AED 405.9 million operational revenues and AED 97 million of investment revenues and others. The earning per share stood at AED 0.04 compared to AED 0.08 at the end of 2008. During its meeting on Tuesday March 2nd 2010, the company’s Board of Directors reviewed and approved the annual results, which will be ratified during the annual general meeting of the company that will be announced later after coordinating with Emirates Securities & Commodities Authority. The Board of Directors also proposed a cash dividend to shareholders of 5%, equivalent to AED 397.3 million. Essa Kazim, Executive Chairman, Dubai Financial Market said: “As trading commissions contribute the majority of our revenue, we have seen a decrease in revenues and net profits in 2009 due to the continued implications of the global financial crisis. Nevertheless, DFM was one of the least affected exchanges in relation to trading value decrease in 2009 compared to other regional exchanges. The decline of 43% in trading value led to a relatively similar drop in operating revenue and net profits. Consequently, the company is engaged in deploying a series of plans aimed at reinforcing other revenue streams to limit dependence on trading commissions as much as possible. We are confident that these plans will enable us to achieve the best balance of revenue streams in the coming few years.” “Since going public in 2007, DFM showed its undisputed commitment to provide shareholders with the best returns. To demonstrate this commitment, the Board of Directors proposed a cash dividend for the third consecutive year despite the lower trading activity and allocation of some of our liquidity to acquire NASDAQ Dubai. Undoubtedly, this reaffirms our commitment to shareholders, our confidence in the future of the company, the viability of DFM’s business model and ability to diversify revenues to achieve solid results”.

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[sam111sam]

Total profit for 2009 was 4.3 Fils per share
Proposed cash dividend is 5 fils per share which is 16% more than the profit. May be the major shareholders needs cash !

Are they paying out of shareholders equity ?

P.S Last year they also did that but it was only 3% more than the profit

[aerojack]

if i buy tomm morning DFM shares,will i be eligible for the
cash dividend of 5%?
sometimes its very difficult to find the record dates for dividend payout from company,like when is air arabia cut off date for dividend payment?

[GPIC]