A brighter outlook
DFM ended FY16 with a net profit of AED253.5m compared to AED261m one year earlier. This slight decline was driven by a decrease of 8.4% in the operating revenues, down to AED369.4m, whereas the investment income continued its uptrend to reach AED79.54m (+38%) in 2016. For overall expenses, no significant change is worth mentioning as the group has maintained its operating expenses at the same level as 2015 (around AED200m).During the same year, DFM recognized two exceptional items (already taken into account in our forecast): a fair value gain on gifted land of AED231.3m (granted by Dubai Properties Group) for the purpose of DFM’s new office construction, and a provision for impairment against investment deposits of AED226m, hence a net exceptional income of AED5.3m.
Information related to dividend payment will be announced upon the Annual General Meeting scheduled on 13th March, 2017.
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