DFM achieves 100% compliance in Q1 results disclosure

Dubai Financial Market (DFM) today announced that its UAE listed companies have showed a 100 per cent compliance to disclose their Q1 2015 results within the deadline of 45 days from the end of the first quarter.

A press statement issued by the Dubai bourse said 45 UAE public joint stock companies listed on DFM successfully disclosed their quarterly results with the exception of Al Firdous as its financial year-ends on March 31.

Meanwhile, DFM suspended trading on three dually listed companies namely; Hits Telecom holding, Al Madina for Finance & Investment and International Financial Advisors, which missed the deadline to provide the exchange with full and audited financial statements as per the UAE Securities and commodities Authority (SCA) and DFM requirements.

DFM also submitted a detailed report to SCA including the disclosure dates and its observations on the disclosures.

Kuwait’s Global Investment House has said Dubai’s corporate earnings expanded 47 per cent year-on-year to $7.2 billion (Dh26.42 billion) in 2014 thanks to a strong performance by banks, real estate, construction, investment and financial services companies in the emirate.