The Dubai Financial Market (DFM) “PJSC” shareholders approved the Balance Sheet and Income Statement for the fiscal year ending December 31st 2012, during the Ordinary Annual General Meeting held, April 16th 2013, and headed by Abdul Jalil Yousuf Darwish, Chairman of the company.
During the meeting, DFM company shareholders also elected the board of directors for a three year term. The new board will include 6 out 7 members. The shareholders elected Majid Saif Al Ghurair to replace Mussabeh Mohammed Al Qaizi, the ex-board member who did not run for the new term.
The shareholders also reinstated the DFM Sharia’a and Fatwa Supervisory Board for a two year term.
DFM shareholders also ratified the Board of Director’s report on the company’s performance and its financial position for the fiscal year ending December 31st 2012, the external auditor’s report and the Sharia’a and Fatwa Supervisory Board report.
The shareholders also appointed the External Auditors PricewaterhouseCoopers (PwC) for the fiscal year 2013 and determined their professional fees, in addition to discharging members of the Board of Directors and the External Auditors from their liabilities for the fiscal year ending December 31st 2012.
According to the Sharia’a and Fatwa Supervisory Board report, the Zakat of shares’ for the year 2012 is AED 2.82 for every 1000 shares. The Board urged shareholders to submit this Zakat as per their shareholdings. The Board also calculated the company’s Non-Sharia’a compliant revenue including similar revenue from NASDAQ Dubai. The total value of this revenue amounted to AED 21 million, equivalent to AED 2.6 for every 1000 shares. The Sharia’a and Fatwa Supervisory Board directed the DFM Company to dedicate this amount to the charity purposes in line with the Board’s guidelines.
It is noteworthy that the Dubai Financial Market (PJSC) recorded a net profit of AED 35.2 million for the year 2012, compared to a net loss of AED 6.9 million in 2011. Total revenues reached to AED 191 million at the end of 2012, compared to AED 176.5 million in 2011. The total revenue comprised of AED 146.5 million operational revenues and AED 44.5 million of investment revenues and others.
DFM has topped the best performing regional exchanges in 2012, with its general index up 20% and a 52% increase in trading value to AED 48.7 billion, which reflects investors’ growing realization of the underlying value provided by DFM-listed securities, as well as their positive recognition of the exchange's achievements in the previous period.