Page 93 - AAE PR REPORT - FEBRUARY 2025

2/21/25, 4:40 PM UAE's Al Ansari in profit drop as remittance scene gets more competitive
"By now, most UAE residents will have 3-4 options at hand to decide which one to use for money

transfer," said a market analyst. "Sticking to any one channel or service provider is increasingly

difficult.

"There is a pushback if customers see there is a higher fee involved."
The Al Ansari stock is at Dh0.98 against the Dh1.03 IPO price.

Digital wallet

If all goes to plan, Al Ansari will finally launch its own digital wallet in Q1-2025. This is currently
awaiting approval from the UAE Central Bank. When this comes out, the company will be hoping

to gain a decent share of the market for fast-growing digital payments space in the country.

"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 Dh406 million and an EBITDA margin of 44.4%," said Al Ansari.

"These results affirm the robustness of our strategy and vision."

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