DFM Company shareholders approve 2016 financial statements

DUBAI, 13th March, 2017 (WAM) — The shareholders of Dubai Financial Market Company (PJSC) have approved the Balance Sheet and Income Statement for the financial year ending 31 December 2016, during the Annual General Meeting held on Monday, 13 March 2017. DFM shareholders ratified the Board of Director’s report on the company’s performance and its financial position for the fiscal year ending 31 December 2016, the external auditor’s report and the Fatwa and Sharia’a Supervisory Board report.

During the meeting, the shareholders elected the new Board of Directors for a 3 years term including; Essa Abdulfattah Kazim, Rashid Hamad Al Shamsi, Mohammad Humaid Al Marri, Musabbah Mohammad Al Qaizi, Ali Rashid Al Mazroei, Adil Abdullah Al Fahim and Moaza Saeed Al Marri.

Additionally, the shareholders approved a special resolution enabling the company to execute deals with related parties (entities owned by the Government), of no more than 30 percent of the paid up capital without referring to the AGM.

The shareholders also discharged members of the Board of Directors and the External Auditors from their liabilities for the fiscal year ending 31 December 2016 and re-appointed PricewaterhouseCoopers (PwC) as the external auditors for the fiscal year 2017 as well as determined their fees.

During the meeting, the Fatwa and Shari’a Supervisory Board members have been re-appointed for the year 2017.

According to the Fatwa and Shari’a Supervisory Board’s report, the Zakat of shares for the year 2016 has been calculated according to the Net Assets Method at AED 7.16 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 28.281 million equivalent to AED 3.54 per 1000 shares.

The Company posted a net profit of AED 253.5 million for the year 2016, compared to AED 261 million in 2015, a 3 percent decline. Total revenues reached to AED 439.3 million in 2016 compared to AED 451 million in 2015. The total revenue comprised of AED 360.5 million of operational revenues and AED 78.8 million of investment revenues and others.

Source: Emirates News Agency