Abu Dhabi [UAE], August 9: Al Ansari Financial Services PJSC Reports AED205 Million Net Profit for H1 2024

Al Ansari Financial Services PJSC—one of the UAE’s leading integrated financial services groups—has announced its financial results for the first half of 2024. The company reported a substantial net profit after tax of AED205 million, reflecting its strong financial performance despite a challenging economic landscape. This robust profit underscores Al Ansari’s resilience and strategic execution in a competitive market.

Financial Performance Overview

In the first half of 2024, Al Ansari Financial Services recorded an EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) of AED136 million. This represents an 8 percent decline compared to the same period last year. While this decrease in EBITDA indicates some pressure on profitability, the company’s ability to achieve a substantial net profit demonstrates its operational efficiency and financial stability.

Outstanding Growth in Money Transfer Services

Al Ansari’s money transfer service, Worldwide Cash Express, has shown remarkable growth during this period. The service experienced an impressive 118 percent year-on-year (YoY) increase in the number of transactions conducted for third-party customers. The total transaction value also saw a significant rise, climbing 81 percent YoY to reach US$110 million. This extraordinary performance highlights the strong demand and successful market penetration of Al Ansari’s money transfer solutions. The notable increase in both transaction volume and value reflects the company’s effective strategies and its ability to meet growing customer needs in the money transfer sector.

Digital Channels and Customer Adoption

The company also reported substantial growth in the adoption of its digital channels. Transaction volumes through these digital platforms surged by 24 percent YoY, illustrating a growing preference among customers for online and mobile financial services. This increase in digital transactions underscores the success of Al Ansari’s customer-centric digital strategy, which aims to enhance convenience and usability for its users. The rise in digital adoption not only demonstrates the effectiveness of the company’s technological investments but also highlights the broader shift towards digital financial services in the UAE and beyond.

CEO’s Statement and Future Outlook

Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, provided insights into the company’s performance, stating, “Building upon the solid foundation established in the first quarter of the year, Al Ansari Financial Services has continued to demonstrate resilience and strategic execution. The positive impact of our diversified business model and customer-centric approach is evident in our results. Furthermore, we anticipate seeing further positive contributions from the stabilization of parallel market conditions and the successful implementation of increased remittance fees on our financial performance in the near future.”

Al Ansari emphasized that the company is well-positioned for continued growth and value creation for shareholders. He highlighted that the strategic measures implemented and the evolving market conditions are expected to contribute positively to the company’s performance in the coming months. The CEO’s comments reflect confidence in the company’s ongoing initiatives and its ability to navigate future challenges effectively.

Strategic Developments and Business Outlook

Al Ansari Financial Services’ strong performance in the first half of 2024, particularly in its money transfer services and digital channels, underscores the company’s successful implementation of its strategic priorities. The company’s focus on customer-centric digital solutions and its ability to adapt to market changes have been key drivers of its financial success. Looking ahead, Al Ansari is expected to continue leveraging its diversified business model and strategic initiatives to drive sustained growth and enhance shareholder value.

Overall, Al Ansari Financial Services has demonstrated commendable operational performance and growth potential for the first half of 2024. The company’s notable achievements in expanding its money transfer services, coupled with significant growth in digital transactions, highlight its effective market strategies and strong financial position. As the company continues to implement its strategic plans and adapt to evolving market conditions, it is well-positioned for continued success and value creation in the future.