Page 25 - AAE PR REPORT - February 2024

Mohammad A. Al Ansari, Chairman of Al Ansari Financial Services, said: “In the face of a challenging
economic environment, Al Ansari Financial Services has successfully weathered the storm, emerging
from FY 2023 stronger and more resilient than ever.”

“We extend our sincere gratitude to our shareholders, customers, and partners for their trust and
collaboration. Al Ansari Financial is optimistic about the future, confident in our ability to navigate
challenges, and poised to seize new opportunities,” he added.

For his part, Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, stated: “The Foreign
Exchange and Remittance Group (FERG) has obtained approval for exchange houses under the
jurisdiction of UAE authorities to implement an optional strategic fee adjustment, allowing for a
minimum increase of 15%.”

“This strategic move aligns seamlessly with our commitment to sustainable expansion and is
anticipated to exert a substantial positive influence on our financial performance, directly impacting
our bottom line and bolstering overall profitability,” he noted.

The CEO also highlighted Al Ansari's efforts in Emiratisation, including hiring UAE Nationals, which
make up 14% of the group's employee base in the country.

In the first half (H1) of 2023, Al Ansari Financial Services experienced a 5% year-on-year
(YoY) increase in operating income, reaching AED 578.02 million compared to AED 550.76 million.

However, net profit saw a 2.50% decline to AED 263.29 million in H1-23 from AED 269.96 million in
H1-22.

Last June, Al Ansari Exchange, a subsidiary of the DFM-listed group, announced its intention to open
15 new branches across the UAE by the end of 2023.

https://english.mubasher.info/news/4248177/Al-Ansari-Financial-Services-net-profit-dips-16-YoY-in-
2023/