UAE: Al Ansari's net profit totals AED205 million in H1 2024
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l Ansari Financial Services PJSC, one of the leading integrated financial services groups in the UAE, today reported its financial results for the first half of 2024, logging AED205 million in net profit after tax.
In H1 2024, the group recorded AED136 million in EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation), a decline of 8 percent year-on-year (YoY).
The Group's money transfer service, Worldwide Cash Express, excelled with a remarkable 118 percent YoY growth in the number of transactions to third-party customers and an 81 percent YoY increase in transaction value, reaching US$110 million.
Meanwhile, customer adoption of Al Ansari's digital channels grew substantially, with the transaction volume climbing by 24 percent YoY.
This remarkable growth underscores the effectiveness of the Group's customer-centric digital strategy, demonstrating the platform's ability to consistently meet and exceed user expectations in terms of convenience and usability.
Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said, "Building upon the solid foundation established in the first quarter of the year, Al Ansari Financial Services has continued to demonstrate resilience and strategic execution. The positive impact of our diversified business model and customer-centric approach is evident in our results. Furthermore, we will continue to see the positive contribution from the stabilisation of parallel market conditions and the successful implementation of increased remittance fees on our financial performance in the near future. These factors collectively position the Group for sustained growth and continued value creation for our shareholders." (ANI/WAM)
✔️ UAE: Al Ansari's net profit totals AED205 million in H1 2024
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