Page 86 - AAE PR REPORT - FEBRUARY 2025

2/18/25, 9:35 AM Al Ansari Financial Services Reports Strong Performance for FY 2024 Amid Economic Challenges
Despite the increase in operational costs and the impact of the newly introduced corporate tax, the
Group achieved a solid EBITDA margin of 44.4% for FY’24. Net profit after tax for FY'24 declined by
18% YoY to AED 406 million, attributed to factors such as an increase in manpower costs, the
Emiratisation programme, and geopolitical challenges affecting the region.

The Group’s digital transformation efforts and optimized branch network expansion contributed to a
29% reduction in capital expenditure (CAPEX) for FY’24, with free cash flow amounting to AED 478
million, maintaining a 94% EBITDA-to-cash conversion rate.

Key Financial and Operational Highlights:

Q4 Operating Income: AED 293.9 million, a 9% YoY increase
Q4 EBITDA: AED 121.7 million, a 2% YoY decrease
Q4 Net Profit: AED 97.3 million, a 9% YoY decline
Free Cash Flow: AED 113.5 million, a 3% YoY increase
Digital Transactions: 5 million, up 23% YoY
Operationally, the Group recorded 50 million transactions in FY'24, a 2% increase YoY, demonstrating
its strong market leadership. The Corporate Business segment saw a 5% YoY increase in transaction
volumes, and the Wage Protection System (WPS) segment saw a 13% YoY increase. Digital

transactions also grew significantly, accounting for 23% of the total remittance transactions.

Mohamed A. Al Ansari, Chairman of Al Ansari Financial Services, commented: “Despite a challenging
macroeconomic environment, our performance reflects the strength of our strategic vision, operational
resilience, and commitment to sustainable growth. We remain focused on delivering solid financial

results, ensuring operational efficiency, and enhancing customer experience.”

Rashed A. Al Ansari, Group CEO, added: “Our achievements in FY’24 demonstrate the robustness of
our strategy and vision. We navigated through economic and geopolitical pressures while achieving
record transaction volumes and expanding our service offerings. Our digital transformation initiatives,
including the integration of emerging technologies, will continue to drive our growth and profitability in

the coming years.”

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