Page 44 - AAE PR REPORT - February 2024

2/15/24, 11:11 AM Al Ansari Financial Services reports 15.7% decline in 2023 net profit to Dh495 million - Finance Middle East
Al Ansari Financial Services reports 15.7%

decline in 2023 net profit to Dh495 million

Al Ansari F inancial Services reported a 15.7% decline in net prof it to Dh495 million in 2023, citing a temporary
drop in the remittance segment and increased expenses as contributing factors.

The company anticipates that the recent approval to increase remittance fees will help offset these costs and
improve f inancial performance in the future. Headwinds in major remittance markets led to an 8% decrease in
remittance operating income, but strong diversif ication resulted in a 9% increase in non-remittance operating
income, partially mitigating the decline.

Overall, total operating income saw a marginal 1.9% decrease, reflecting the company’s adaptability and success
in expanding beyond remittances.

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