Al Ansari Financial Services reveals lower profits for first half of 2024
Date
8/11/2024 8:17:03 AM
(MENAFN) Al Ansari Financial Services, which is listed on the Dubai Financial Market, has released its financial results for the first half and second quarter of 2024. For the six months ending June 30, 2024, the company reported a slight decline in operating income, which fell by 1.9 percent to 567 million dirhams (USD154.4 million). This decrease was primarily due to macroeconomic challenges affecting foreign currency sales. As a result, net profits saw a significant reduction, dropping by 22 percent to 205.47 million dirhams (USD56 million) compared to 263.3 million dirhams in the same period of 2023.
In the second quarter of 2024, Al Ansari Financial Services reported a modest increase in operating income, rising by 0.5 percent to 292.3 million dirhams (approximately USD80 million), up from 291 million dirhams in the corresponding quarter of the previous year. Despite this slight improvement in operating income, the company's net profits for Q2 declined by 18 percent, totaling 107 million dirhams (about USD29 million) compared to 130 million dirhams in the same quarter of 2023.
The mixed results reflect ongoing challenges in maintaining profitability amidst economic pressures. While there was a minor increase in operating income in the second quarter, it was not sufficient to counterbalance the overall decline in net profits. The company's financial performance highlights the impact of broader economic factors on its earnings, indicating a need for strategic adjustments to address profitability challenges in the current economic climate.
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