Press releases, Reports & Disclosures for Al Ansari Financial Services PJSC

Al Ansari Financial Services has announced its financial results for the full year 2023 and released its earnings for the first half of 2024.

Al Ansari Financial Services PJSC and its subsidiaries have released their review report and condensed interim consolidated financial statements for the six-month period ending on June 30, 2024, covering the second quarter of 2024.

Al Ansari Financial Services PJSC (AAFS) has signed an agreement to acquire BFC Group Holdings W.L.L. (BFCGH) for USD 200 million. This acquisition aims to expand AAFS's geographic presence and service portfolio, making it the leading provider of foreign exchange and remittance services in the Gulf Region. The combined entity will have over 410 branches across the UAE, Bahrain, Kuwait, and India, with a workforce of approximately 6,000 employees. The consolidated revenues for FY23 are projected to be around USD 385 million, a 22% increase from AAFS's reported revenue. The transaction is expected to close by Q1 2025, pending regulatory approvals and other conditions.