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Source: Thomson Reuters.   Last updated on Sep 23, 2019 at 07:56AM (UTC).   Delayed by at least 15 minutes.
Dubai Financial Market Company Shareholders Approve 2015 Financial Statements
Mar 09, 2016
The shareholders of Dubai Financial Market Company (PJSC) have approved the Balance Sheet and Income Statement for the fiscal year ending 31 December 2015, during the Annual General Meeting held on Wednesday, 9 March 2016. DFM 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 2015, the external auditor’s report and the Fatwa and Sharia’a Supervisory Board report. DFM Company shareholders also ratified the Board’s suggestion of a 5% cash dividend, equivalent to AED 400 million of the capital.
 
The shareholders approved the amendment of the Company’s Article of Association in line with the Federal Law No. 2 for the year 2015, pending to receiving the approval from the concerned authorities. The shareholders also re-appointed PricewaterhouseCoopers (PwC) as the external auditors for the fiscal year 2016 and determined their fees, in addition to discharging members of the Board of Directors and the External Auditors from their liabilities for the fiscal year ending 31 December 2015.
 
According to the Fatwa and Shari’a Supervisory Board’s report, the Zakat of shares has been calculated according to the net Assets Method at AED 4.319 per 1000 shares of the year 2015. 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 15.648 million equivalent to AED 1.956 per 1000 shares.
 During the meeting, the Fatwa and Shari’a Supervisory Board members have been re-appointed for the year 2016.
 
It is noteworthy that the Company posted a net profit of AED 261 million for the year 2015, compared to AED 759.3 million in 2014, a 66% decline. Total revenues reached to AED 451 million in 2015 compared to AED 936.7 million in 2014. The total revenue comprised of AED 393.7 million of operational revenues and AED 57.3 million of investment revenues and others.

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