Image Credit: Gulf News Archive

Dubai: Al Ansari Financial Services has proposed an interim dividend payment of Dh300 million (4.0 fils per share). This proposal is pending approval from shareholders at the upcoming General Assembly and compliance with regulatory requirements.

The payout aligns with the company's dividend policy of distributing Dh600 million based on 2023 earnings, with half of the payment scheduled for 2023 and the other half for 2024.

The group's operating income reached Dh578 million during H1-2023, reflecting a 5 per cent year-on-year rise, fueled by a 10.7 per cent year-on-year increase in total transaction volume, which was mainly propelled by robust demand from the corporate segment.

H1-2023 EBITDA remained stable at Dh299 million in comparison to H1-2022, despite an increase in operational costs. The rise in costs is directly linked to the establishment of 15 new branches since H1-2022. Furthermore, the industry-wide inflationary pressures have contributed to the uptick in expenses within the exchange sector across the UAE.