UAE News Today : Business

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 AED 388 million.

Al-Ansari announced that the Group’s operating income saw a 1.5 percent increase to AED 863 million year-on-year (YoY) for 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 shareholder approval for the proposed interim dividend payment of AED 300 million at 4 fils per share, fulfilling a commitment announced during the IPO and described in the Prospectus. The second payment of an equivalent amount will be disbursed in April 2024.

A total dividend payout of AED 600 million implies a dividend yield of 7 percent based on the closing price of AED 1.15 per share on October 31, 2023.

When commenting on the results, Rashed A. Al Ansari, CEO of Al Ansari Financial Services Group, saying,

“We are very proud of outperforming the market in all of our products and offerings, as well as our unwavering commitment to achieving our growth objectives, while recognizing a 5 percent drop in operating income from the remittance business that is expected to will adjust in the near future.

“Our physical branch network has grown to include 250 branches, and it is noteworthy that 95 percent of all these branches are profitable. We remain dedicated to furthering our geographic expansion and increasing our digital capabilities and offerings. Additionally, “We recently celebrated the Official Opening of our state-of-the-art CashTrans Cash Management Centre, enabling us to offer exceptional cash service facilities to our valued corporate clients in the UAE.”

Mohammad Bitar, Deputy CEO of Al Ansari Financial Services Groupsaying,

“We are delighted to share the exceptional achievements and important milestones that Al Ansari Financial Services has achieved over the past nine months.

“One of the standout performances in this quarter has been our banknote business, which experienced exceptional growth. This was mainly driven by increased tourism activity, a clear sign that we are effectively adapting to market demands and maximizing opportunities.

News source: Emirates News Agency

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