Al Ansari Financial Services PJSC, a prominent integrated financial services group in the UAE, has announced its financial performance for the first half of 2024, reporting a net profit after tax of AED 205M.
In the first half of 2024, the group achieved AED 136M in EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation), marking an 8 per cent decrease compared to the previous year. The group’s money transfer service, Worldwide Cash Express, performed exceptionally well, with transactions to third-party customers increasing by 118 per cent year-on-year and transaction value rising by 81 per cent to $110M.
Additionally, the uptake of Al Ansari’s digital channels saw significant growth, with transaction volume increasing by 24 per cent year-on-year. This notable growth highlights the success of the group’s customer-focused digital strategy, reflecting the platform’s ability to consistently meet and surpass user expectations for convenience and functionality.
Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, commented, “Building on the strong foundation laid in the first quarter of the year, Al Ansari Financial Services has continued to show resilience and strategic execution. The positive results underscore the benefits of our diversified business model and customer-centric approach. Moreover, we anticipate continued positive impacts from stabilised 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 ongoing growth and sustained value creation for our shareholders.”