Page 64 - AAE PR REPORT - July 2024

7/31/24, 9:31 AM UAE-Based Al Ansari Financial Services To Acquire Bahrain's BFC Group Holdings For $200M | Business Hub Middle East
AAFS had submitted a formal offer to acquire a majority stake in an exchange house in Oman to expand its presence in the Gulf region. Al
Ansari did not divulge the name of the Omani exchange firm targeted for potential acquisition.

If completed, the UAE exchange house said Oman would be the group’s second expansion in the GCC region after Kuwait while
continuing to strengthen its local presence by opening more branches in the UAE.
AAFS reported a 25.8% fall in its first-quarter profit to $26.9 million (AED 98.7 million), mainly due to the cumulative impact of a reduction
in operating income, an 11% rise in overhead expenses, and the introduction of corporate tax.

The UAE exchange house said its operating income for the January-March period of 2024 dropped by 4.3% year-on-year to $74.8 million
(AED 274.7 million) due to the persistent challenges of the parallel market in key remittance corridors and the prevailing macroeconomic
conditions in the region.
During the quarter, the total number of transactions rose by 5.1% year-on-year to 12.4 million.

In April this year, the exchange house sold 750 million shares, or 10% of its stake owned by AAFS, on the Dubai bourse, making it one of
the first family-owned businesses to come out with a share offering at the Emirates.

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