| Market: Dubai | Symbol: ALANSARI | ISIN: AEE01198A238 | Industry: Financial Services |
Al Ansari Financial Services is one of the leading integrated financial services groups in the UAE. It empowers its subsidiaries, Al Ansari Exchange, Al Ansari Exchange Kuwait (full acquisition by the Group is currently ongoing and expected to be completed post-IPO), Worldwide Cash Express, CashTrans and Al Ansari Digital Pay (under incorporation in the UAE), to unlock their growth potential through synergy.
The Group’s subsidiaries in the UAE are:
- Al Ansari Exchange. Founded in 1966 and licensed by the Central Bank of the UAE, Al Ansari Exchange is the Group’s first and largest subsidiary by percentage contribution to operating income. The Exchange offers an integrated offering including remittances, bank notes and Wage Protection System and other relevant services.
- CashTrans. Established in 2011, it is an integrated cash management solution company providing cash transportation, processing, and security services to leading financial institutions, private enterprises and major corporations in the UAE.
- Worldwide Cash Express. Founded in 2017, it is a money transfer operator (“MTO”) providing remittance services for sending and receiving parties in two different countries. It does so through its proprietary platform and using its extensive network of global banks and payment correspondents.
- Al Ansari Digital Pay. Currently in the process of being incorporated, it is intended to create an inclusive digital wallet that will provide a seamless payment experience to serve all UAE-based customers. It is expected to enable customers to remit money domestically and abroad, pay bills and unlock a host of other digitally-enabled services, bringing the Group one step closer to creating a digital marketplace. Al Ansari Digital Pay is in the process of obtaining a store value facilities and retail payment service provider (PSP) card schemes license from the CBUAE.
Beyond the UAE, Al Ansari Financial Services expanded into Kuwait with the establishment of Al Ansari Exchange Kuwait in 2002, which primarily provides remittances and foreign currency exchange services. Al Ansari Exchange Kuwait, an entity owned by some of the current shareholders of the Selling Shareholder, is currently in the process of being fully acquired by Al Ansari Financial Services. According to management, upon completion, the acquisition will give the Group a strong presence in the sixth-largest outward personal remittances market globally in 2021. The transaction is expected to be completed post-IPO.
Through its subsidiaries, the Group provides its products and services to a diverse range of customers, including:
- Retail: residents and inbound and outbound tourists;
- Corporates: large, medium and small enterprises in the UAE, global sending and receiving institutions and agents, and other exchanges.
The Group delivers its products and services through a comprehensive global network underpinned by its proprietary technology and relationships with third parties.
Underpinned by the UAE’s growing position as a global financial, commercial, talent and tourism hub, the Group has expanded its core offerings to include:
- Remittances – The Group provides remittances at its retail branches and via its digital channels, offering domestic and global money transfers through its proprietary money remittance platforms, Cash Express, Global Fund Transfer and Worldwide Cash Express, as well as through its money transfer operator partners such as Western Union and its transfer payment network where transfers to bank accounts are executed via money transfer services such as SWIFT or Ripple. The Group offers remittances for its retail and corporate customers.
- Bank Notes – The Group's retail and wholesale foreign currency exchange services primarily comprise the sale and purchase of foreign currency directly to and from retail and wholesale customers. The Group offers its bank notes services in over 70 currencies across all its branches. The Group also offers pre-paid cards as part of its retail foreign currency exchange services. Both the Group's Travelcard and FlexiblePay products are reloadable pre-paid cards that can store either single or multiple currencies on the card, and which also allow the conversion of such currencies to other currencies by the user. The Group's pre-paid cards, where available, can be purchased or reloaded in the Group's branches, online or through the mobile app.
- Wage Protection System (“WPS”) – The Group offers corporate payroll solutions, executing wage payments on behalf of companies operating in the United Arab Emirates in compliance with the directives of the UAE's Ministry of Human Resources & Emiratisation, under the Wage Protection System initiative.
- Others Services – The Group's other offerings include, among others, bill payment and end-to-end cash management solutions.
Key Figures (AED'000)
|
2021 | 2022 | 2023 |
|---|---|---|---|
| Income Statement | |||
| Operating income | 1,002,448 | 1,170,303 | 1,162,476 |
| Net gain on currency exchange | 458,529 | 607,070 | 541,678 |
| Net commission income | 515,952 | 547,410 | 590,424 |
| Net profit for the year | 491,215 | 595,295 | 495,189 |
| Balance Sheet | |||
| Total assets | 3,355,391 | 2,763,450 | 3,094,168 |
| Total liabilities | 828,921 | 1,157,220 | 1,292,749 |
| Total equity | 2,526,470 | 1,606,230 | 1,801,419 |
| Cash Flow | |||
| Net cash generated from operating activities | 487,270 | 667,117 | 712,384 |
| Net cash generated from / (used in) investing activities | 211,963 | -245,960 | 121,333 |
| Net cash generated from financing activities | -380,132 | -875,790 | -396,095 |
| Cash and cash equivalents at the end of the year | 2,681,258 | 2,226,625 | 2,664,247 |
