Page 26 - AAE PR REPORT - November 2024

11/11/24, 10:46 AM dayofdubai.com | Al Ansari Financial Services Reports Q3 and 9M 2024 Results, Highlights Strategic Expansions and Digital Gro…
Kuwait Operations Integration: Al Ansari Exchange in Kuwait will be fully acquired by Q4 2024,
creating new synergies expected by Q1 2025.
Digital Wallet Launch: A new Al Ansari Digital Wallet is slated for release by the end of 2024,
emphasizing the Group's commitment to digital innovation.
Business Segment Performance

Remittances: Transaction volume grew by 2%, totaling 37.3 million transactions in 9M 2024, while
adjusted Remittance Operating Income rose by 7% YoY.
Corporate Services: Transactions increased by 4% YoY, supported by expanded product offerings,
especially within the Wage Protection System (WPS), which saw a 9% growth in income.
Digital Channels: Digital transactions reached 3.6 million, a 24% YoY increase, contributing to 23% of
total remittance activity, showcasing progress toward digital transformation.
Financial And Operational Outlook

CEO of Al Ansari Financial Services commented, "Our continued branch expansion and digital
innovation reflect our strategy to strengthen market leadership and provide seamless, customer-
focused financial solutions. Despite challenges, our robust EBITDA margin and cash conversion rate
underscore operational resilience and efficiency.”

The Group’s focus on optimising digital services and network expansion reduced Capital Expenditure
(CAPEX) by 25%, resulting in a 94% EBITDA to cash conversion rate. Al Ansari remains committed to
strategic growth, digital transformation, and operational efficiency, ensuring continued leadership in
the UAE’s financial services sector.

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