Dubai, UAE – November 9, 2024: Al Ansari Financial Services (listed on the Dubai Financial Market under the ticker DFM: ALANSARI) has announced its financial results for the first nine months of 2024 and the third quarter ending September 30. Despite facing pressures from economic and geopolitical challenges, the company reported growth in certain key indicators.
Q3 2024: Modest Growth and Continued Challenges
In Q3 2024, Al Ansari Financial Services posted an operating income of AED 288 million, marking a slight 1% increase YoY. Excluding exceptional revenue from operations in Iraq during Q3 2023, adjusted operating income grew by 11%.
EBITDA, however, declined by 7% YoY to AED 131 million. On a positive note, adjusted EBITDA grew by 14% compared to the same period last year.
Net profit after tax fell 17% to AED 103 million, though it increased by 4% when adjusted for non-recurring items.
First Nine Months of 2024: Slight Decline in Some Key Metrics
For the first nine months of 2024, the company reported a total operating income of AED 855 million, a slight 1% decrease compared to the same period in 2023. However, adjusted operating income showed a 4% increase.
Net profit after tax dropped by 20% to AED 308 million, largely due to higher operating costs and the impact of corporate tax.
In a positive development, digital transaction volumes saw a notable increase, rising by 24% YoY.
Strategic Expansion
Al Ansari Financial Services has strengthened its presence in the UAE market, with a total of 263 branches by the end of Q3 2024, an increase of 15 branches compared to the same period last year. The company also announced plans to acquire PFC Group Holdings, with the transaction expected to be completed in Q1 2025.
Outlook
Rashed Ali Al Ansari, CEO of the Group, stated that the company is facing challenges due to geopolitical tensions and rising costs but remains optimistic with overall progress. He added, “We continue to closely monitor the market and are focused on enhancing our competitive position, especially with the entry of tech companies into the sector.”
