Net profits of Al Ansari Financial Services Group fell by 10.7 percent in the second quarter of this year to about 130 million dirhams ($35.4 million), which the company attributed to higher operating costs as well as increased financing costs.
In its statement issued on Thursday, the company said that it paid interest of 300 million dirhams in the second quarter on a loan drawn in December 2022, which contributed to the decline in its net profits during this period.
Operating revenues of the parent company of Al Ansari Exchange rose in the second quarter by about 1.2 percent year-on-year, to reach 291 million dirhams, driven by remarkable growth in banknote services, wage protection system and other services.
