Dubai’s Al Ansari Financial Services operating income up 5% at Dh578 million

Dubai’s Al Ansari Financial Services operating income up 5% at Dh578 million

Additionally, a substantial rise in the Bank Notes business, encompassing multi-currency prepaid cards, was observed due to heightened tourism activity and the peak holiday season. However, a slight dip in remittance transactions somewhat offset these gains, Al Ansari said on Thursday in a filing to the Dubai Financial Market where its shares are traded.

Given our robust financial position and our confidence in further unlocking shareholder value as we boldly execute our growth agenda, the Board is confirming the distribution of the promised minimum Dh600 million in cash dividends to our shareholders. - Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services

H1-2023 EBITDA remained stable at Dh299 million in comparison to H1-2022, despite an increase in operational costs. The rise in costs is directly linked to the establishment of 15 new branches since H1-2022. Furthermore, the industry-wide inflationary pressures have contributed to the uptick in expenses within the exchange sector across the UAE.

The net profit for the period amounted to Dh263 million, marking a 2.5 per cent drop compared to H1-2022. This decline was attributed to diminished remittance margins, heightened operational costs, and augmentation in financing expenses due to interest payments on a loan obtained in December 2022.

“Subject to