Page 41 - AAE PR REPORT - February 2024

2/15/24, 11:11 AM DFM-listed Al Ansari Financial Services to pay another Dh300m dividend after Dh495m profit | Markets – Gulf News
its share price of Dh1.03. In November last, the group had paid out Dh300 million for

the first-half of 2023.)

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"The dividend policy for subsequent years outlines a commitment to distribute a

minimum of 70 per cent of distributable profits," said a statement. "This dividend

strategy reflects the Group's robust financial position and its confidence in generating

substantial cash flows in the future."

Net profit decline

The 15.7 per cent year-over-year decline in net profit was 'due to a temporary drop in

the remittance segment and increased expenses," the Dubai headquartered entity

added. "The recently announced approval to increase remittance fees will help offset
these costs and strengthen financial performance in the future."

15% fee hike

The currency exchange operations will from early April be introducing a 15 per cent

remittance fee hike, a decision made after the UAE industry grouping FERG approved
the first such hike in 5 years.

"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," said Rashed Al
Ansari, Group CEO of Al Ansari Financial Services.

"As we implement these changes, we emphasise transparent communication with our

valued stakeholders. Clear and open dialogue will be integral to ensuring a smooth
transition and fostering positive relationships with our clients."

Al Ansari had Dh116 billion in 2023 revenues, a period which saw it add 25 new

branches.

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