Al Ansari Financial Services reports a 7.2% net profit increase in Q1 2023 to AED 133 mln on strong demand across all products

Al Ansari Financial Services reports a 7.2% net profit increase in Q1 2023 to AED 133 mln on strong demand across all products

Dubai, UAE - Al Ansari Financial Services PJSC (DFM: ALANSARI), (the “Group”), one of the leading integrated financial services groups in the UAE and the parent of Al Ansari Exchange, today announced its financial results for the first quarter (“Q1”) of 2023, ended 31 March 2023. This marks the first financial results since the Group listed 10% of its issued share capital through an initial public offering on the Dubai Financial Market (“DFM”) on 6 April 2023.

Q1 2023 Financial and Operational Performance Commentary

- Operating Income increased 9.1% YoY to AED 287 million driven by an 8.6% YoY increase in the total number of transactions.

- The increase in the number of transactions was driven by exceptional demand from the Corporate business segment underpinned by buoyant economic conditions. It is also owed to a strong increase in the Bank Notes business on the back of the UAE’s tourism boom and increase in outbound tourism.

- EBITDA increased by 7.9% YoY to AED 151 million with a steady EBITDA Margin near 53% on the back of strong top line growth, high margin contribution from increased digital transactions and Group’s CAPEX-light model.

- Net Profit came in at AED 133 million, increasing 7.2% YoY on the