UAE: Al Ansari Group posts Dh263 million in H1 net profit

UAE: Al Ansari Group posts Dh263 million in H1 net profit

The group also confirms the distribution of the promised minimum of Dh600 million in cash dividends to shareholders

By Isaac John Published: Sun 13 Aug 2023, 3:29 PM Last updated: Sun 13 Aug 2023, 3:40 PM

Al Ansari Financial Services, a leading integrated financial services group in the UAE and the parent of Al Ansari Exchange, reported a net profit of Dh263 million for the first half of 2023.

In a statement, the DFM-listed company said operating income for the group increased by 5.0 per cent year on year (YoY) to Dh578 million in H1 2023, on robust demand across all products with significant contribution from offerings and services to corporate customers. The group also confirmed the distribution of the promised minimum of Dh600 million in cash dividends to shareholders.

EBITDA in the first half held steady at Dh299 million compared to H1 2022 despite an increase in costs. The increase in costs during the period is directly related to the opening of 15 new branches since H1 2022, in line with the group’s organic expansion plans. Costs have also increased as a result of the rising cost environment, a factor impacting the exchange industry across the UAE. Net profit of H1 was down