Dubai – Mubasher: Al Ansari Financial Services has recorded a 15.70% year-on-year (YoY) decline in net profit to AED 495.18 million in 2023 from AED 587.65 million.
The company’s operating income inched lower by 1.90% YoY to AED 1.13 billion last year from AED 1.15 billion, according to a press release.
The earnings per share (EPS) also dropped by 15.80% to AED 0.06 in the 12-month period that ended on 31 December 2023 from AED 0.07 a year earlier.
Fourth Quarter Results
During the fourth quarter (Q4) of 2023, Al Ansari Financial Services’ net profit tumbled by 32.80% YoY to AED 107.38 million from AED 159.73 million.
Operating income reached AED 268.78 million in Q4-23, down 11.40% YoY from AED 303.51 million.
Cash Dividends
Al Ansari’s board of directors recommended the distribution of AED 300 million in cash dividends for the second half (H2) of 2023, or AED 0.04 per share, representing 400% of the company’s AED 75 million capital.
Thus, the total dividends for the whole year will amount to AED 600 million, which implies a dividend yield of 7.55% based on the closing price of AED 1.06 per share on 31 December 2023.
Mohammad A. Al Ansari, Chairman of Al Ansari Financial Services, said: “In the face of a challenging economic environment, Al Ansari Financial Services has successfully weathered the storm, emerging from FY 2023 stronger and more resilient than ever.”
“We extend our sincere gratitude to our shareholders, customers, and partners for their trust and collaboration. Al Ansari Financial is optimistic about the future, confident in our ability to navigate challenges, and poised to seize new opportunities,” he added.
For his part, Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, stated: “The Foreign Exchange and Remittance Group (FERG) has obtained approval for exchange houses under the jurisdiction of UAE authorities to implement an optional strategic fee adjustment, allowing for a minimum increase of 15%.”
“This strategic move aligns seamlessly with our commitment to sustainable expansion and is anticipated to exert a substantial positive influence on our financial performance, directly impacting our bottom line and bolstering overall profitability,” he noted.
The CEO also highlighted Al Ansari's efforts in Emiratisation, including hiring UAE Nationals, which make up 14% of the group's employee base in the country.
In the first half (H1) of 2023, Al Ansari Financial Services experienced a 5% year-on-year (YoY) increase in operating income, reaching AED 578.02 million compared to AED 550.76 million.
However, net profit saw a 2.50% decline to AED 263.29 million in H1-23 from AED 269.96 million in H1-22.
Last June, Al Ansari Exchange, a subsidiary of the DFM-listed group, announced its intention to open 15 new branches across the UAE by the end of 2023.
