DFM Company shareholders approve 2018 Financial Statements

Sunday 17 March 2019
Dubai - MENA Herald:

Shareholders of the Dubai Financial Market Company (PJSC) have approved the Balance Sheet and Income Statement for the financial year ending 31 December 2018, during the Annual General Meeting held on Sunday 17 March 2019. The shareholders also ratified the Board of Director’s report on the Company’s performance and its financial position for the fiscal year ending 31 December 2018, the external auditor’s report as well as the Fatwa and Sharia’a Supervisory Board’s report.

The shareholders also discharged members of the Board of Directors and the External Auditors from their liabilities for the fiscal year ending 31 December 2018 and appointed KPMG as the external auditors for the fiscal year 2019 as well as determined their fees.

During the meeting, the Fatwa and Shari’a Supervisory Board members have been re-appointed for the year 2019.

According to the Fatwa and Shari’a Supervisory Board’s report, the Zakat of shares for the year 2018 has been calculated according to the Net Assets Method at AED 7.88 per 1000 shares. The Shari’a Board urged shareholders to distribute this Zakat as per their shareholdings. The Shari’a Board also calculated the Non-compliance with Shari’a income of the company’s operations, including revenues from Nasdaq Dubai and this part was valued at AED 24.8 million, equivalent to AED 3.1 per 1000 shares.

It is noteworthy that the Company posted a net profit of AED 125.5 million, compared to AED 232.9 million in 2017, a 46 % decline. Total revenues reached to AED 324.7 million in 2018 compared to AED 421.6 million in 2017. The total revenue comprised of AED 194.7 million of operational revenues and AED 130 million of investment revenues and others.

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