Page 30 - AAE PR REPORT - November 2024

11/8/24, 9:56 AM Al Ansari Financial Services sees profit drop for 9-month 2024 over 'significant challenges' | Markets – Gulf News
exchange operations has the highest market share in the UAE and, recently, it has also

been making headway to expand its base in the GCC markets.

On the top-line, the 9-month numbers were flat, at Dh882.75 million against Dh883.18
million a year ago. (The total number of transactions during the first nine months was

higher by 2% to 37.3 million.)

“The past nine months have posed significant challenges for our industry, with
economic and geopolitical pressures, heightened competition, and introduction of

corporate tax, coupled with increased operational and manpower costs, impacting our

performance,” said Rashed Al Ansari, Group CEO of Al Ansari Financial Services.

Less pressure from hawala operators

The company is seeing less of the 'challenges posed by the parallel market' when it
comes to key remittance destinations from the UAE. "However, ongoing geopolitical

tensions in the region continue to impact remittance income," said a statement. This

meant the remittance operating income saw a 2% decline year-on-year on a reported

basis.

Need for 'fair practices'

"While we welcome competition and believe it fosters innovation, it is important to

ensure fair and sustainable practices," the CEO added. "This is why we are actively

working with the Foreign Exchange and Remittance Group (FERG) and regulatory

authorities to address industry-wide challenges and mitigate their impact on our

business and the broader industry."

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