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Al Ansari financial services navigates profit drop and expansion plans

Al Ansari mentions rival 'parallel' exchange rates to India, Pakistan, and Egypt.

Al Ansari mentions rival ‘parallel’ exchange rates to India, Pakistan, and Egypt.

Profit Dip in YTD Performance:

Al Ansari Financial Services, having recently gone public with its IPO earlier this year, faced a profit dip in its year-to-date performance. The reported figure stands at Dh387.8 million, a decrease from the 2022 total of Dh434 million. 

Despite this, the top-line revenue from continuing operations demonstrated growth, reaching Dh883.1 million compared to Dh856.5 million.

Remittance Leader’s Expansion Strategy:

As the UAE’s prominent player in the remittance sector, Al Ansari Financial Services remains committed to expanding its network presence beyond the UAE. 

The company is actively working on extending its reach in key Gulf markets, with recent plans unveiled to acquire a majority stake in an Omani entity. Al Ansari already has established operations in Kuwait.

Regulatory Hurdles and Fee Adjustments:

Al Ansari is currently navigating regulatory processes, awaiting approval to implement fee adjustments on its remittance services. The company’s plans align with sentiments echoed by other currency exchange houses, indicating a broader industry trend. 

The strategic move to enhance remittance fees suggests a proactive approach to sustaining and improving services in a dynamic financial landscape.

In summary, while facing a dip in profits, Al Ansari Financial Services remains strategically positioned for growth through its expansion plans and proactive measures in response to regulatory dynamics. The company’s commitment to strengthening its presence in Gulf markets and its pursuit of fee adjustments highlight its resilience and adaptability in the ever-evolving financial sector.

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