DUBAI, UAE – Al Ansari Financial Services on Thursday announced its financial results for the first nine months of 2023, reporting a net profit of US$105 million (AED388 million).
Al Ansari announced that the operating income for the group saw a 1.5 percent rise to US$234 million (AED863 million) year-on-year (YoY) during the first nine 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 US$81 million (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 US$163 million (AED600 million) implies a dividend yield of 7 percent based on the closing price of US$0.31 (AED1.15) per share on October 31 2023.
Commenting on the results, Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said, “We take pride in outperforming the market across all our products and offerings and in our unwavering commitment to achieving our growth targets.”
He said, “We acknowledge 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.”
He added, “We maintain our dedication to further our geographic expansion and the augmentation of our digital capabilities and offerings. We recently celebrated the official inauguration of our state-of-the-art CashTrans’ Cash Management Center, 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 nine-month period.”
He said, “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 maximizing opportunities.”