Al Ansari Financial Services Group, listed on the Dubai Financial Market, announced its financial results for the first quarter ending on March 31, 2023. These are the first financial results for the group since it listed 10 percent of its issued capital through an initial public offering on the Dubai Financial Market on April 6. 2023.
Al Ansari Group said in a statement that the net profit amounted to 133 million dirhams (about 36.2 million dollars), an increase of 7.2 percent year-on-year, on the back of good growth in revenue, a strong increase in exchange income from banknote and prepaid card products, in addition to the efficiency of Stability in the cost of the Group's operational operations and an increase in the number of transactions executed through digital channels.
She added that the group's free cash flow increased by 3 percent year-on-year to 141 million dirhams (about $38.4 million), which indicates the strength of its liquidity.
The reason for the growth in the group's cash flows is due to the growth in profits before interest, tax, depreciation and amortization, with a cash turnover rate of approximately 93 percent.
