Al Ansari Financial Services delivered an after-tax net profit (NPAT) of AED 205 million in the first half of 2024, reaffirming its standing as one of the UAE's leading financial services groups. The group's EBITDA declined 8% year-on-year to AED 136 million, yet management pointed to effective business division oversight and a diversified revenue base as proof of the group's underlying strength.
Worldwide Cash Express Leads H1 2024 Growth
One of the most notable highlights in the Al Ansari Financial Services H1 2024 results was the performance of the Worldwide Cash Express money transfer segment. Third-party transaction volumes surged 118% year-on-year, while transactional value climbed 81% YoY to reach USD 110 million — reflecting sustained demand for fast, reliable international remittance services across the UAE.
Digital Channels Post 24% Transaction Growth
Al Ansari's digital adoption momentum also stood out. Total transactions processed through innovative customer solutions and digital channels rose 24% year-on-year, representing a growing share of the group's overall remittance volume. The result underscores the group's customer-first digital strategy and its ability to meet evolving consumer expectations through improved platform usability.
CEO: Diversified Model Driving Strategic Execution
Group CEO Rashed A. Al Ansari said the first half demonstrated continued resilience and effective strategic execution. "The strategies that speak highly of a diversified business and customer focus have boosted company operations and growth as depicted by these results," he stated.
Looking ahead, Rashed A. Al Ansari said the group is well-positioned for continued advancement. Favourable movements in parallel markets and the expected implementation of higher remittance fees are both anticipated to contribute to the group's recovery in the remaining months of the year. Combined with the group's robust business strategy, these factors are expected to drive further shareholder value.
H1 2024 Results at a Glance
The Al Ansari Financial Services H1 2024 results reflect a group managing a complex operating environment — including the introduction of UAE corporate tax — while continuing to invest in digital infrastructure, expand its branch network, and scale its Worldwide Cash Express remittance platform. The strong free cash flow generation and triple-digit growth in third-party money transfer volumes point to durable competitive advantages heading into the second half of 2024.
