Skip to content Skip to Search
Skip navigation

Al Ansari profit falls 16% as remittance takes a hit

By Pramod Kumar
Al Ansari reported that customer demand for digital channels skyrocketed, with a 94% year on year increase in transaction value Al Ansari
Al Ansari reported that customer demand for digital channels skyrocketed, with a 94% year on year increase in transaction value

UAE remittance and foreign exchange house Al Ansari Financial Services reported a 16 percent year on year decline in profit due to a drop in the remittance segment and increased expenses.

The company reported a net profit of AED495 million for 2023, hoping the newly announced remittance fee hike will help offset costs and strengthen the balance sheet.

Headwinds in major markets such as India, Egypt and Pakistan caused an eight percent drop in remittance operating income. However, strong diversification drove an overall nine percent increase in non-remittance operating income, mainly mitigating the decline.

Al Ansari to float 10% stake on Dubai stock market

UAE’s Al Ansari set to buy majority stake in Omani firm

UAE’s Al Ansari Exchange picks banks for Dubai IPO

Transactions across all services grew by 8.5 percent year on year, demonstrating customer trust and a resilient business model. 

Customer demand for digital channels skyrocketed, with a 94 percent year on year increase in transaction value and a 27 percent growth in transactions. 

Net Profit for the quarter ended December 31, 2023, fell 33 percent year on year to AED107 million.

The decline was due to a rise in depreciation charges linked to the expansion of the branch network and a temporary reduction in outward personal remittances to key receiving countries.

The company’s board of directors recommended a dividend payout of AED300 million for the second half of 2023, subject to shareholders’ ratification at the upcoming annual general meeting.

The total dividend payment stands at AED600 million, implying a dividend yield of 7.55 percent based on the closing price of AED1.06 per share on December 31, 2023.

Latest articles

Saudi esports Savvy Games Video length: 05:07

Saudi Arabia plays the long game in a high-stakes market

Saudi Arabia has so far channeled $38 billion into the esports sector through its Public Investment Fund subsidiary Savvy Games Group. This includes high-profile acquisitions such as the $4.9 billion purchase of the Monopoly Go developer Scopely and the $1.5 billion buyout of ESL FaceIt Group, one of the world’s largest esports companies. Critics have […]

The global titans in the cloud computing market are jostling to get a foothold in Saudi Arabia

Global cloud platforms offer Saudis data protection promises

Saudi Arabia’s cloud computing market is heating up as global players find a footing in the country with promises to secure government information.  Saudi Arabia has set aside $18 billion to become a regional leader in cloud computing, the Saudi Data and AI Authority said this week, allowing foreign companies to open data centres.  Saudi […]

The company will develop a 1GW solar power plant and 100MW battery storage project

Egypt’s first hybrid solar project to break ground next year

Norway’s renewable energy producer Scatec will begin work on Egypt’s first hybrid solar power and battery storage project in the first half of 2025. The company has signed a US dollar-denominated 25-year power purchase agreement with the state-run Egyptian Electricity Transmission Company for a 1GW solar power plant and 100MW battery storage project. Financial details […]

Aramco will use the Cerebras CS-3 chips to build and deploy large language models

Aramco to buy AI chips from Abu Dhabi-backed Cerebras

Saudi Aramco is to buy advanced semiconductor chips from Cerebras Systems, the Abu Dhabi-backed chipmaker aiming to challenge Nvidia’s dominance in the AI arena, as it seeks to boost artificial intelligence in the kingdom. The state-owned energy giant will use Cerebras’ CS-3 chips to build and deploy large language models (LLMs) – computer models essential […]