Page 62 - AAE PR REPORT - FEBRUARY 2025

2/18/25, 9:33 AM Al Ansari Financial Services’ fourth quarter and full year 2024 financial results
“As Chairman, I am pleased to share that our performance this period reflects the strength of our strategic
vision, operational resilience, and commitment to sustainable growth. Despite a challenging macroeconomic
environment, we have remained focused on executing our strategy, delivering solid financial results, and
upholding our commitment to all stakeholders. Our disciplined approach, underpinned by innovation,
operational excellence, and prudent risk management, continues to position us for long-term success.

We have made significant progress in delivering on all our strategic pillars, ensuring sustainable growth,
operational efficiency, and market leadership. Our ability to adapt to evolving economic conditions while
maintaining a strong focus on customer experience, technological innovation, and regulatory compliance has
been instrumental in driving our success.

With the UAE’s GDP projected to grow by 5% in 2025 and global remittances expected to exceed USD 1 trillion
by 2028, we see significant opportunities to further strengthen our market position and enhance our service

offerings. Our continued focus on the security and safety of every transaction remains at the core of our
operations, ensuring trust and reliability for our customers and partners.

In light of the Group’s performance and on behalf of the Board of Directors, I am happy to propose a second
dividend payment of AED 157.5 million, subject to shareholder approval, reinforcing our commitment to
delivering sustainable returns. With a clear strategic direction and a dedicated team, we remain confident
in our ability to navigate challenges, capitalise on emerging trends, and drive long-term value for all
our stakeholders.”

Rashed A. Al Ansari, Group CEO of Al Financial Services, added:

“Our performance in 2024 has achieved record-breaking milestones, with transaction volumes reaching 50
million transactions. Despite navigating a challenging environment marked by economic and geopolitical
pressures, intense fintech competition, rising corporate taxes, and increased operational costs, we concluded
the year with a net profit of AED 406 million and an EBITDA margin of 44.4%. These results affirm the

robustness of our strategy and vision.

We have been working closely with regulatory authorities to address industry challenges, particularly the

disruptive practices of certain fintechs that undermine fair competition and create an uneven playing field for all
industry participants. Our proactive stance in this area underscores our commitment to fostering a balanced
and equitable market environment.

Aligned with our long-term six-pillar growth strategy, we announced the acquisition of BFC Group Holdings
W.L.L. This strategic acquisition positions us as the leading provider of foreign exchange and remittance
services across the Gulf Region. Additionally, we introduced innovative products and services such as 'Send
now, pay later,' which are set to transform the industry, enhance financial inclusivity, and deliver significant
value to our customers.

Looking ahead, we are committed to initiatives that increase operational efficiency and drive digital
transformation. Our investments in emerging technologies, including artificial intelligence, aim to boost
profitability at the branch level, while our focus on expense management, synergy realisation, and economies

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