Dubai Financial Market P J S C : DFM Quarterly Report (Q1, 2023)

Dubai Financial Market (DFM) P.J.S.C.

Review report and condensed interim consolidated financial information

For the three-month period ended 31 March 2023

Dubai Financial Market (DFM) P.J.S.C.

Table of contents	Page No.
Review report on condensed interim consolidated financial information	1
Condensed interim consolidated statement of financial position	2
Condensed interim consolidated statement of income (Unaudited)	3
Condensed interim consolidated statement of comprehensive income (Unaudited)	4
Condensed interim consolidated statement of changes in equity (Unaudited)	5
Condensed interim consolidated statement of cash flows (Unaudited)	6
Notes to the condensed interim consolidated financial information	7 - 22

Deloitte & Touche (M.E.)

Building 3, Level 6

Emaar Square

Downtown Dubai

P.O. Box 4254

Dubai

United Arab Emirates

Tel: [phone]

Fax:[phone]

www.deloitte.com

REVIEW REPORT ON CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

To the Board of Directors

Dubai Financial Market (DFM) P.J.S.C.

Dubai

United Arab Emirates

Introduction

We have reviewed the accompanying condensed interim consolidated statement of financial position of Dubai Financial Market (DFM) P.J.S.C (the "Company") and its subsidiaries (together referred to as the "Group") as at 31 March 2023 and the related statements of income, comprehensive income, changes in equity and cash flows for the three month period then ended. Management is responsible for the preparation and presentation of this interim financial information in accordance with International Accounting Standard 34 Interim Financial Reporting ("IAS 34"). Our responsibility is to express a conclusion on thisinterim financial information based on our review.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34.

Other matter

The consolidated financial statements for the year ended 31 December 2022 were audited by another auditor who expressed an unmodified opinion those statements on 31 January 2023. The interim financial information for the three-month period ended 31 March 2022 was reviewed by another auditor who expressed an unmodified conclusion on that information on 28 April 2022.

Deloitte & Touche (M.E.)

Mohammad Jallad

Registration No. 1164

Dubai

United Arab Emirates

27 April 2023

Akbar Ahmad (1141), Cynthia Corby (995), Georges Najem (809), Mohammad Jallad (1164), Mohammad Khamees Al Tah (717), Musa Ramahi (872), Mutasem M. Dajani (726), Obada Alkowatly (1056), Rama Padmanabha Acharya (701) and Samir Madbak (386) are registered practicing auditors with the UAE Ministry of Economy.

Dubai Financial Market (DFM) P.J.S.C.					2
Condensed interim consolidated statement of financial position
as at 31 March 2023
					31 March	31 December
			Notes	2023		2022
					(Unaudited)	(Audited)
ASSETS			AED
Non-current assets			2,878,874
Goodwill	6			2,878,874
Other intangible assets	6		1,906,509		1,920,631
Property and equipment			319,223		320,469
Financial assets measured at fair value through other			938,700
comprehensive income (FVOCI)	7			969,455
Investments at amortised cost	8		266,659		273,990
Investment deposits	9		180,843		204,189
Total non-current assets			6,490,808		6,567,608
Current assets
		233,315
Prepaid expenses and other receivables	11			143,750
Investment deposits	9		2,350,892		2,313,230
Cash and cash equivalents	12		501,378		469,401
Total current assets			3,085,585		2,926,381
Total assets			9,576,393		9,493,989
EQUITY AND LIABILITIES
EQUITY			8,000,000
Share capital	13			8,000,000
Treasury shares			(4,364)		(4,364)
					7,995,636		7,995,636
Investment revaluation reserve		FVOCI	14		(728,966)		(693,211)
Statutory reserve	14		493,156		493,156
Retained earnings			35,624		134,727
Equity attributable to the owners of the Company			7,795,450		7,930,308
Non-controlling interest			16,973		17,241
Total equity			7,812,423		7,947,549
LIABILITIES
Non-current liabilities			32,189
Subordinated loan	10			32,189
					23,335		23,162
Total non-current liabilities			55,524		55,351
Current liabilities
		1,552,731
Payables and accrued expenses	15			1,470,424
Dividends payable	20		137,743		3,087
Due to related parties	10		17,972		17,578
Total current liabilities			1,708,446		1,491,089
Total liabilities			1,763,970		1,546,440
Total equity and liabilities			9,576,393		9,493,989

_________________

Chairman

The accompanying notes form an integral part of these condensed interim consolidated financial statements.

Dubai Financial Market (DFM) P.J.S.C.		3
Condensed interim consolidated statement of income
for the three-months period ended 31 March 2023 (Unaudited)
	Three-month period ended
	31 March
Notes	2023	2022
	(Unaudited)	(Unaudited)
	AED'000	AED'000

Income
Trading commission fees		35,926	43,613
Brokerage fees		3,240	3,428
Clearing settlement and depositary fees		5,081	6,601
Listing and market data fees		2,482	2,347
Other fees		1,287	593
Operating income		48,016	56,582
Investment income		33,972	14,994
Dividend income		7,805	6,481
Other income		79	205
Profit income	16	226	1,169
Total income		90,098	79,431
Expenses
General and administrative expenses		(40,388)	(37,145)
Amortisation of intangible assets		(14,122)	(14,122)
Interest expense		(37)	(626)
Operating expenses		(54,545)	(51,893)
Profit expense	16	(226)	(1,169)
Total expenses		(54,773)	(53,062)
Net profit for the period		35,325	26,369
Attributable to:
Owners of the Company		35,593	27,455
Non-controlling interest		(268)	(1,086)
		35,325	26,369
Basic/diluted earnings per share - AED	17	0.004	0.003

The accompanying notes form an integral part of these condensed interim consolidated financial statements.