Dubai, UAE — Al Ansari Financial Services (Al Ansari), an integrated financial services group in the UAE, has approved a cash dividend of AED300 million for the second half of 2023.
This brings the total amount of dividend distributions for the fiscal year 2023 to AED600 million, the company said.
The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus, in which Al Ansari committed to paying a total dividend amount of AED600 million per annum for the year 2023, as well as in accordance with the dividend policy approved by the company’s shareholders at the Annual General Assembly.
Mohammad Ali Al Ansari, Chairman of Al Ansari Financial Services, said, “The financial and operational performance delivered by Al Ansari Financial Services in 2023 demonstrates the strength of our business model. Al Ansari Financial Services has managed to maintain its stability thanks to the hard work and dedication of our team and the continued support of our stakeholders.”
The company had reported a net profit of AED495 million for 2023, a decrease of 15.7 per cent year-over-year, from AED595 million, mainly due to a temporary drop in the remittance segment and increased expenses.
The Group, which operates Al Ansari Exchange, said the recently announced approval to increase remittance fees will help offset these costs and strengthen financial performance in the future.