Page 59 - AAE PR REPORT - February 2024

2/15/24, 11:12 AM Al Ansari Financial Services Reports Dh495 Million Net Profit, Com…
A Temporary Dip and a Promising Future

The decline in net profit can be attributed to a temporary drop in the remittance segment and increased

expenses. Yet, there's a silver lining. The company has received approval from the UAE Central Bank to raise

remittance fees by a minimum of 15%, a move that is expected to offset the decline and bolster financial

performance in the future.

Diversification and Digital Growth

Despite the challenges in the remittance business, Al Ansari Financial Services has demonstrated resilience

through diversification. The company reported a 9.0% increase in demand across all other products and

services, showcasing its ability to adapt and thrive in a dynamic market.

The digital transformation is also evident in the company's operations. Al Ansari Financial Services recorded a
27.5% year-on-year growth in digital transactions, underscoring the importance of technology in today's

financial landscape.

Committed to Shareholders and Innovation

Al Ansari Financial Services is not just about numbers; it's about people. The company's commitment to its

shareholders is evident in its dividend policy, which promises to distribute a minimum of 70% of distributable

profits. The board has recommended a dividend distribution of 300 million AED for the second half of 2023,
bringing the total dividend payment to 600 million AED for the year.

Moreover, the company's dedication to innovation and customer satisfaction has earned it several awards in

2023. The Chairman and Group CEO expressed optimism for the future, emphasizing the company's mission

to deliver excellence in financial services.

As we step into 2024, Al Ansari Financial Services continues to navigate the financial landscape with agility

and foresight. The temporary dip in profits is a chapter in the company's story, but the commitment to growth,

https://bnnbreaking.com/finance-nav/al-ansari-financial-services-reports-dh495-million-net-profit-commits-to-dh600-million-dividend-and-future-growth 2/3