98.7 million dirhams net profits "Al-Ansari" In the first quarter
DUBAI, 10th May / WAM / Al Ansari Financial Services, listed on the Dubai Financial Market, today announced its financial results, achieving net profits after taxes of 98.7 million dirhams and operating income reaching 274.7 million dirhams in the first quarter of this year.
The company said, in a statement today, that customer confidence remained encouragingly strong as overall transactions across all services continued to grow at 5.1% year-on-year, which confirms the strength of the business model and its ability to adapt.
Demand for digital channels by customers has increased significantly, as the number of transactions through these channels recorded an increase of 25% on an annual basis during the first quarter of 2024. This increase highlights the success of the strategy to enhance the user experience, and also highlights the efficiency and smoothness of digital solutions. Ease of access and ability to meet customer requirements.
The company succeeded in maintaining strong momentum for WPS services in the first quarter of this year, as the number of transactions increased by 15.2% year-on-year, leading to a 9% increase in operating income.
The company is well positioned to continue growth, supported by the strong UAE economy that provides a thriving business environment, which leads to greater success in attracting clients and achieving a significant increase in the number of salary disbursements facilitated by the wage protection system.
The group maintained its EBITDA margin at a level of approximately 44.6% in the first quarter of 2024. This achievement comes despite the continued expansion, increasing human resource needs, and challenging regional economic conditions.
Rashid Ali Al Ansari, CEO of Al Ansari Financial Services Group, said: “We began the current year with results that reflect the positive impact of our diversified business portfolio and continuous efforts to adapt to market challenges. We look to the future with optimism as a result of several factors. Parallel market conditions have stabilized in major markets, and money transfer fees imposed have increased as of April, which enhances our ability to achieve significant growth in the future. We are confident that these steps and initiatives will reflect positively on the financial performance in the next stage.”
For his part, Mohammed Bitar, Executive Vice President of Al Ansari Financial Services Group, said: “I am pleased to announce a resilient performance in the first quarter of 2024, as we implemented our strategy well and enhanced the diversity and flexibility of our business portfolio. We are also seeing positive indicators regarding the challenges at the level of… Outgoing transfers.”
He added that the total operating income reflects these trends, as it witnessed a decrease of 4.3% compared to an increase in the number of transactions by 5.1% on an annual basis. Compared to the previous quarter, we witnessed a 2.2% increase in operating income, which is a clear indication of the beginning of recovery from the effects of the parallel market.
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