Al Ansari announces financial results for 9M 2023

 Al Ansari Financial Services today announced its financial results for the first nine months of 2023, reporting a net profit of AED388 million.

Al Ansari announced that the operating income for the Group saw a 1.5 percent rise to AED863 million year-on-year (YoY) during the first 9 months of 2023, as a result of a 10 percent increase in demand across all other products and services.

The Group received shareholders’ approval for the proposed interim dividend payment of AED300 million at 4 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 AED600m implies a dividend yield of 7 percent based on the closing price of AED1.15 per share on 31st October 2023.

Commenting on the results, 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 percent 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 percent 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.”

News Source: Emirates News Agency