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Al Ansari reports Dh388 million nine-month net profit

Group sees 10% increase in demand across all other products and services

Al Ansari Financial Services on Thursday announced its financial results for the first nine months of 2023, reporting a net profit of Dh388 million.

Al Ansari announced that the operating income for the Group saw a 1.5 per cent rise to Dh863 million year-on-year (YoY) during the first nine months of 2023, as a result of a 10 per cent increase in demand across all other products and services.

The Group received shareholders’ approval for the proposed interim dividend payment of Dh300 million at four fils per share, fulfilling a commitment announced during the IPO and outlined in the prospectus. The second payment of an equivalent amount will be disbursed in April 2024.

A total dividend payment of Dh600 million implies a dividend yield of 7 per cent based on the closing price of Dh1.15 per share on October 31, 2023.

Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said: “We take great pride in outperforming the market across all our products and offerings, as well as in our unwavering commitment to achieving our growth targets, while acknowledging a 5 per cent drop in the operating income from the remittance business that is expected to be adjusted in the near future.

“Our physical branch network has grown to include 250 branches, and it’s noteworthy that 95 per cent of all these branches are profitable. We maintain our dedication to further our geographic expansion and the augmentation of our digital capabilities and offerings. Furthermore, we recently celebrated the official inauguration of our state-of-the-art CashTrans’ cash management centre, enabling us to deliver exceptional cash servicing facilities to our valued corporate customers in the UAE.”

Mohammad Bitar, Deputy Group CEO of Al Ansari Financial Services, said: “We are thrilled to share the exceptional achievements and significant milestones that Al Ansari Financial Services has reached during the past 9-month period. One of the standout performances in this quarter has been our Bank Notes business, which experienced exceptional growth. This was primarily driven by the increased activity in tourism, a clear sign that we are effectively adapting to market demands and maximising opportunities.”