Al Ansari Financial Services Q1 Profit Falls

About this update from Al Ansari Financial Services Pjsc

Al Ansari Financial Services DFM:ALANSARI:AL ANSARI FINANCIAL SERVICES Q1 NET PROFIT AFTER TAX 77.4 MILLION DIRHAMS VERSUS 108.9 MILLION DIRHAMS YEAR AGOAL ANSARI FINANCIAL SERVICES Q1 REVENUE 326.6 MILLION DIRHAMSGEOPOLITICAL DEVELOPMENTS IMPACTED TOURISM ACROSS ALL REGIONAL MARKETSQ1 SAW SOLID VOLUME GROWTH ACROSS MOST BUSINESS LINESQ1 SAW LOWER THAN ANTICIPATED VOLUMES IN CERTAIN SEGMENTS AS GEOPOLITICAL DEVELOPMENTS IMPACTED TOURISMQ1 SAW PRESSURE ON MARGINS FROM COMPETITIONQ1 SAW HIGHER FINANCE COSTS LINKED TO ONGOING EXPANSIONGROUP MAINTAINED ITS CAPEX-LIGHT MODEL,Q1 CAPITAL EXPENDITURE AT APPROXIMATELY 2.1% OF OPERATING INCOMEQ1 SAW CONTINUED STRONG CUSTOMER DEMAND ACROSS OUR CORE SERVICESEXPECTS OPERATING ENVIRONMENT TO GRADUALLY RECOVER AS TRAVEL AND TOURISM ACTIVITY IMPROVESREMAINS FOCUSED ON OPERATIONAL EFFICIENCY, EXPANDING CORRIDOR COVERAGECONTINUING TO INVEST IN BOTH DIGITAL AND PHYSICAL INFRASTRUCTURE TO SUPPORT FUTURE GROWTH

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