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Al Ansari profit drops 29% in Q1 due to regional war
Company attributes decline in profits to lower-than-anticipated volumes in certain segments, as geopolitical developments impacted tourism and competition from fintech firms.
- PUBLISHED: Fri 15 May 2026, 9:56 AM
Al Ansari Financial Services on Friday said its net profit after tax fell 29 per cent year-on-year to Dh77 million.
The Dubai-listed company attributed the decline in profits to lower-than-anticipated volumes in certain segments, as geopolitical developments impacted tourism, alongside a largely fixed operating cost base, pressure on margins from competition such as fintech firms, and higher finance costs linked to ongoing expansion.
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Its EBITDA declined 10 per cent year-on-year to Dh123 million.
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However, Al Ansari’s operating income grew 9 per cent year-on-year to Dh321 million.
Despite a more cautious operating environment during the quarter, particularly across regional travel and tourism-related activity, the group continued to demonstrate resilience through its diversified and largely non-discretionary service offering. Geopolitical conditions showed early signs of stabilisation towards the end of the quarter, supporting a gradual recovery in activity levels.
The group’s network stands at 441 branches across the UAE, Bahrain, Kuwait, and India as of 31 March 2026.
Its subsidiaries include Al Ansari Exchange, cash management firm CashTrans, B2B-focused money transfer firm Blue Remit, and others.
The group maintained its capex-light model, with capital expenditure at approximately 2.1 per cent of operating income, while EBITDA-to-cash conversion remained strong at 95 per cent, supporting a robust liquidity position.
“Despite a challenging close to the quarter, we delivered 9 per cent growth in operating income, supported by continued strong customer demand across our core services. We expect the operating environment to gradually recover as travel and tourism activity improves,” said Rashed A. Al Ansari, Group Chief Executive Officer, Al Ansari Financial Services.
“Digitisation remains a key driver of our growth. We are seeing clear momentum in customer adoption of our digital channels, with increasing contribution from online remittances and continued progress in scaling our platforms. This is enhancing customer convenience while strengthening our ability to capture long-term growth opportunities,” he added.
Mohammad Bitar, Deputy Group Chief Executive Officer, added that the company’s operational performance was encouraging across most business lines.
“The group continued to benefit from the strength of its diversified business model, extensive regional footprint, and the essential nature of the services we provide to individuals and businesses across the GCC. We remain focused on operational efficiency, expanding our corridor coverage, and continuing to invest in both our digital and physical infrastructure to support future growth,” he added.
