Al Ansari Financial Services PJSC, a leading financial services group in the UAE, has announced its financial results for the first half of 2024, reporting a net profit after tax of AED 205 million.
Despite a challenging environment, the group recorded AED 136 million in EBITDA, reflecting an 8% year-on-year decline.
The group's money transfer service, Worldwide Cash Express, was a standout performer, achieving a remarkable 118% year-on-year growth in the number of transactions to third-party customers. Additionally, the transaction value surged by 81% year-on-year, reaching US$110 million. This growth underscores the service's increasing popularity and the group's strong positioning in the remittance market.
Al Ansari's digital channels also saw substantial growth, with transaction volumes increasing by 24% year-on-year. This surge in digital adoption highlights the effectiveness of the group's customer-centric digital strategy, showcasing the platform's ability to meet and exceed user expectations in terms of convenience and usability.
Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, emphasized the group's resilience and strategic execution, noting that the diversified business model and customer-focused approach have positively impacted their financial performance. He also pointed to the stabilisation of parallel market conditions and the successful implementation of increased remittance fees as factors that will contribute to sustained growth in the near future.
Al Ansari Financial Services remains well-positioned for continued value creation for its shareholders, leveraging its strong digital platform and strategic initiatives to drive future growth.
News Source: Emirates News Agency
