DSE Plc chief executive officer, Mr Moremi Marwa. photo | file
Dar es Salaam — The
net profit for the self-listed Dar es Salaam Stock Exchange (DSE Plc)
dropped by over three times during the fourth quarter of 2019 compared
to the preceding quarter, the
company's financial statement shows.
The drop was on account of a slowdown in transactions upon which the bourse depends for its financial muscles.
The bourse recorded
a net profit of Sh631.3 million during the last quarter of 2019 from
Sh2.430 billion that was recorded during the third quarter of 2019.
The DSE Plc
management, however, says the high profit for the third quarter was a
result of unprecedented high transaction during the period, noting that
market conditions remained bullish. "Market trends remain bullish
despite a normal drop in our fourth quarter profitability.
"The drop was
largely due to the fact that during the third quarter, we registered a
single transaction that had a lot of money, which could not be repeated
in the third quarter," the DSE Plc chief executive officer, Mr Moremi
Marwa, told The Citizen.On September 18, 2019, the DSE registered a
record transaction when Tanzanian tycoon Rostam Aziz officially sold his
588 million shares - formerly held under 'Mirambo Holdings' - to the
Vodacom Group of South Africa. In a combined financial report statement
for the quarter ended December, 2019, DSE Pls says its transaction fees
declined to Sh157.459 million from Sh1.5 billion that was recorded
during the quarter ending September, 2019.
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