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Al Ansari Monetary Providers (AFS), a number one monetary providers supplier within the United Arab Emirates, reported a web revenue of AED 98. 7 million for the primary quarter of 2024 (Q1 2024). This represents a 26% lower in comparison with the AED 133 million web revenue achieved in Q1 2023.
The decline in profitability is attributed to 2 key components. AFS underwent a big department community growth throughout Q1 2024, which resulted in elevated operational prices. Moreover, the current introduction of company tax within the UAE impacted the corporate’s backside line.
Regardless of the lower in web revenue, AFS witnessed a optimistic development in general transactions. The corporate reported a 5. 1% year-on-year (YoY) enhance in whole transactions throughout all its providers. This development was primarily pushed by a 24% surge in Wage Safety System (WPS) transactions, indicating an increase in employment exercise throughout the UAE.
AFS’s digital channels additionally continued to flourish in Q1 2024. The corporate reported a 25% YoY development within the variety of transactions carried out by its digital platforms. Digital transactions now account for a good portion (21%) of AFS’s outward remittances, highlighting the growing adoption of digital monetary providers within the area.
One specific space that skilled a decline was financial institution notes. AFS reported a 9% drop in financial institution notice volumes throughout Q1 2024. This might be attributed to plenty of components, together with fluctuations in world journey patterns and the growing recognition of digital cash switch providers.
Wanting forward, AFS stays optimistic about its future prospects. The corporate’s growth into new markets, its deal with digital transformation, and its dedication to offering modern monetary options place it effectively for continued development within the ever-evolving monetary panorama. The profitable integration of its current acquisition in Oman is predicted to generate synergies within the latter half of 2024, additional bolstering AFS’s regional presence.