Page 147 - AAE PR REPORT - June 2024

5/14/24, 10:39 AM Al Ansari Financial Services Records Net Profit of AED 98.7 Million in Q1 2024
Corporate Tax. Total transactions increased by 5.1% YoY, while bank notes volume

dropped by 9%. Wage Protection System (WPS) volumes grew by 24%. Digital channels

reported a 25% YoY increase in transactions, constituting 21% of outward remittances. \

Al Ansari Exchange's physical branches reached 259 by Q1 2024. Integration of Al
Ansari Exchange in Kuwait with Oman Exchange is ongoing, expected to be consolidated

into Al Ansari Financial Services by Q3 2024 with synergies realized in Q4 2024. The

launch of Al Ansari Digital Wallet is planned before year-end.

Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, expressed

confidence in the company's ability to adapt and thrive amidst challenging market

conditions. Despite the hurdles, he emphasized the organization's dedication to exceeding

customer expectations through innovative solutions and a focus on growth. Al

Ansari highlighted the positive impact of a diversified portfolio and ongoing efforts to
navigate the market environment. He noted several promising developments, including

stabilization of parallel market conditions and increased remittance fees, positioning the

company for future growth. Al Ansari reassured stakeholders of the company's

commitment to transparency and pledged to provide regular updates as they navigate this

period of growth.

Mohammad Bitar, Deputy Group CEO of Al Ansari Financial Services, praised Q1

2024 performance despite a 4.3% decline in operating income. Transaction volume surged
by 5.1% YoY, with digital channels up 25%. Operating income improved by 2.2% from the

previous quarter. Branches expanded to 259 locations. EBITDA margin remained steady at

45%. Bitar anticipates remittance income growth, fueled by fee increases and easing

parallel market challenges. He's optimistic about UAE's macroeconomic outlook, driven by

government initiatives, reaffirming the company's commitment to strategic growth and

shareholder value.

News Source: Emirates News Agency

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