sssss
Al Ansari Financial Services PJSC
and its Subsidiaries
Revi ew report and condensed interim consolidated financial
statements for the nine-month period ended 30 September 2023
2023
THIRD QUARTERAL ANSARI FINANCIAL SERVICES PJSC
AND ITS SUBSIDIARIES
Table of contents Page No.
Review report on condensed interim consolidated financial
2
statements
Condensed interim consolidated statement of financial position 3
Condensed interim consolidated statement of profit or loss and
4
other comprehensive income
Condensed interim consolidated statement of changes in equity 5
Condensed interim consolidated statement of cash flows 6
Notes to the condensed interim consolidated financial statements 7 - 27Deloitte & Touche (M.E.)
Building 2, Level 3
Emaar Square
Downtown Dubai
P.O. Box 4254
Dubai
United Arab Emirates
Tel: +971 (0) 4 376 8888
Fax:+971 (0) 4 376 8899
www.deloitte.com
A ugust 17th, 2016
REVIEW REPORT ON CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
To the Shareholders
Al Ansari Financial Services PJSC
Dubai, United Arab Emirates
Introduction
We have reviewed the accompanying condensed interim consolidated balance sheet of Al Ansari Financial
Services PJSC (the “Company”) and its subsidiaries (together referred to as the “Group”) as at
30 September 2023 and the related condensed interim statements of profit or loss and other
comprehensive income, changes in equity and cash flows for the nine-month period ended 30 September
2023. Management is responsible for the preparation and presentation of this interim financial
information in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS
34”). Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410,
“Review of Interim Financial Information Performed by the Auditor of the Entity”. A review of interim
financial information consists of making inquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is substantially less in
scope than an audit conducted in accordance with International Standards on Auditing and consequently
does not enable us to obtain assurance that we would become aware of all significant matters that might
be identified in an audit. Accordingly, we do not express an audit opinion.
Other Matters
The interim financial information for the nine month period ended 30 September 2022 was reviewed by
another auditor who expressed an unmodified conclusion on that information on 15 November 2022.
The financial statements of the Group for the year ended 31 December 2022 were audited by another
auditor who expressed an unmodified opinion on those statements on 21 February 2023.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying
interim financial information is not prepared, in all material respects, in accordance with IAS 34.
Deloitte & Touche (M.E.)
- -A1---ft..--
Firas Anabtawi
Registration No. 5482
08 November 2023
Dubai
United Arab Emirates
Akbar Ahmad (1141), Cynthia Corby (995), Faeza Sohawon (5508), Firas Anabtawi (5482), Georges Najem (809), Jazala Hamad (1267),
Mohammad Jallad (1164), Mohammad Khamees Al Tah (717), Musa Ramahi (872), Mutasem M. Dajani (726), Obada Alkowatly (1056),
Rama Padmanabha Acharya (701) and Samir Madbak (386) are registered practicing auditors with the UAE Ministry of Economy.Q"
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33Al Ansari Financial Services PJSC and its Subsidiaries
Condensed interim consolidated statement of profit or loss and other comprehensive income
for the nine-month period ended 30 September 2023
Three-month period ended Nine-month period ended
30 September 30 September
2023 2022 2023 2022
Note
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
AED’000 AED’000 AED’000 AED’000
Continuing operations Income
Net gain on currency exchange 131,262 164,524 411,869 454,206
Net commission income 154,028 135,677 451,447 396,756
Interest income 6,199 2,762 15,456 5,336
Other income 1,342 248 4,412 277
Total income 292,831 303,211 883,184 856,575
Expenses
Salaries and benefits 15 (113,844) (99,466) (333,714) (296,388)
General and administrative expenses (30,882) (25,909) (89,573) (76,946)
Depreciation and amortisation (21,595) (18,577) (61,630) (51,212)
Provision for expected credit losses - (300) (240) (1,600)
Finance cost (1,683) (656) (9,302) (1,587)
Bank charges (317) (349) (922) (919)
Profit from continuing operations 124,510 157,954 387,803 427,923
Profit from discontinued operations 16 - 2,127 - 6,113
Net profit for the period 124,510 160,081 387,803 434,036
Other comprehensive income - - - -
Total comprehensive income for the period 124,510 160,081 387,803 434,036
Net profit attributable to:
Shareholders of Al Ansari Financial Services P.J.S.C. 124,510 159,969 387,803 433,711
Non-controlling interest - 112 - 325
124,510 160,081 387,803 434,036
Profit attributable to shareholders of Al Ansari Financial
Services P.J.S.C.:
Continuing operations 124,510 157,954 387,803 427,923
Discontinued operations - 2,015 - 5,788
124,510 159,969 387,803 433,711
Basic and diluted earnings per share
Continuing operations - AED per share 17 0.0166 0.0211 0.0517 0.0571
Discontinued operations - AED per share 17 - 0.0002 - 0.0008
Total basic and diluted earnings per share – AED 0.0166 0.0213 0.0517 0.0579
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
4Al Ansari Financial Services PJSC and its Subsidiaries
Condensed interim consolidated statement of changes in equity
for the nine-month period ended 30 September 2023
Shareholders' Total Non-
Share Acquisition current Retained Shareholders' controlling
capital reserve account earnings equity interest Total equity
AED’000 AED’000 AED’000 AED’000 AED’000 AED’000 AED’000
At 1 January 2022 (Audited) 50,000 1,381,043 96,934 983,980 2,511,957 14,513 2,526,470
Total comprehensive income for the period - - - 433,711 433,711 325 434,036
Distribution of dividend - (15,549) - (312,304) (327,853) - (327,853)
Distribution from current account - - (96,934) - (96,934) - (96,934)
At 30 September 2022 (Unaudited) 50,000 1,365,494 - 1,105,387 2,520,881 14,838 2,535,719
At 1 January 2023 (Audited) 75,000 286,143 - 1,245,087 1,606,230 - 1,606,230
Total comprehensive income for the period - - - 387,803 387,803 - 387,803
At 30 September 2023 (Unaudited) 75,000 286,143 - 1,632,890 1,994,033 - 1,994,033
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
5Al Ansari Financial Services PJSC and its Subsidiaries
Condensed interim consolidated statement of cash flows
for the nine-month period ended 30 September 2023
Nine-month period ended 30 September
Note 2023 2022
(Unaudited) (Unaudited)
AED’000 AED’000
Cash flows from operating activities
Net profit for the period 387,803 434,036
Adjustments for:
Depreciation and amortisation 4,5 61,630 55,173
Provision for expected credit losses 6.2 240 1,600
Finance cost 9,302 1,587
Provision for employees' end of service benefits 15 5,155 5,004
Gain on disposal of property, equipment and intangibles (374) (137)
Operating cash flows before settlement of employees’ end of
service benefits and changes in working capital 463,756 497,263
Settlement of employees’ end of service benefits (2,578) (2,825)
Changes in working capital:
Due from exchange houses and agents (176,284) (18,184)
Due from related parties (35,575) (20,690)
Prepayment and other receivables (15,830) (37,330)
Trade and other payables 159,040 167,081
Due to related parties 1,115 (109,235)
Due to exchange houses and agents 23,650 2,996
Restricted deposits with banks (903) (31,294)
Net cash generated from operating activities 416,391 447,782
Cash flows from investing activities
Payment for purchase of property, equipment and intangibles (29,170) (18,593)
Investment properties - (106)
Capital work in progress (2,533) (1,623)
Fixed deposits 163,721 (86,735)
Investments at fair value through profit & loss - (5)
Proceeds from sale of property, equipment and intangibles 1,238 146
Net cash generated from / (used in) investing activities 133,256 (106,916)
Cash flows from financing activities
Dividend paid - (327,853)
Disbursements from shareholders’ current account - (96,934)
Lease liabilities paid 9 (47,736) (40,041)
Proceeds from bank borrowings 100,000 4,006
Repayment of bank borrowings (455,101) -
Net cash used in financing activities (402,837) (460,822)
Net change in cash and cash equivalents 146,810 (119,956)
Cash and cash equivalents at the beginning of the period 2,226,625 2,681,258
Cash and cash equivalents at the end of the period 18 2,373,435 2,561,302
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
. 6Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements
for the nine-month period ended 30 September 2023
1. Legal status and principal activities
Al Ansari Financial Services P.J.S.C. (the “Company”) is a public joint stock company with trade license
number 758204 issued by the Department of Economy and Tourism in Dubai.
The Company was initially established as a limited liability company on 9 May 2016. The legal status of the
Company has been converted to a public joint stock company on 3 April 2023 by virtue of the Company’s
shareholders’ resolution.
Pursuant to a resolution dated 8 March 2023, the shareholders approved the listing of the Company’s
shares on Dubai Financial Market whereby 10% of its shares were offered to the general public in an Initial
Public Offering (“IPO”). The shares of the Company were listed on Dubai Financial Market on 6 April 2023.
As of the reporting date, Al Ansari Holding LLC (the “Parent Company”) held 90% of the issued share capital
whereas the remaining 10% is held by the general public.
The condensed interim consolidated financial statements for the period ended 30 September 2023
comprise the interim financial statements of the Company and its following subsidiaries (together referred
to as the “Group”).
Percentage holding
Name of the subsidiary 30 September 31 December
2023 2022
Al Ansari Exchange L.L.C. 100% 100%
Worldwide Cash Express Limited 100% 100%
Blue Horizon on Demand Labours Supply Services L.L.C. 100% 100%
Cash Trans Money & Valuables Transport Services L.L.C. 100% 100%
All the subsidiaries mentioned above are incorporated in the United Arab Emirates.
The Group is engaged in the business of buying and selling of foreign currencies and travellers’ cheques,
executing remittance operations in local and foreign currencies, payment of wages through establishing a
link to the operating system of “wages protection”, provision of special products and services (i.e. bill
payments, cash collections, sale and reload of multi-currency prepaid cards) and transportation of cash
and valuables.
The registered office of the Company is at PO Box 6176, Dubai, UAE.
. 7Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
2. Basis of preparation
a. Statement of compliance
These condensed interim consolidated financial statements have been prepared in accordance with the
International Accounting Standard 34. “Interim Financial Reporting” issued by the International Accounting
Standards Board.
The condensed interim consolidated financial statements do not include all the information required for a
complete set of consolidated financial statements prepared in accordance with International Financial
Reporting Standards (IFRS) and should be read in conjunction with the Group’s audited consolidated
financial statements for the year ended 31 December 2022. However, selected explanatory notes are
included to explain events and transactions that are significant to an understanding of the changes in the
Group’s financial position and performance since the last annual audited consolidated financial statements
as at and for the year ended 31 December 2022.
b. Basis of measurement
These condensed interim consolidated financial statements have been prepared under the historical cost
convention except for derivatives which are recognised at fair value, and on a going concern basis.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and
services.
No income of a seasonal nature was recorded in the condensed interim consolidated financial statements
for the nine-month period ended 30 September 2023. However, the results for the nine-month period
ended 30 September 2023 are not necessarily indicative of the results that may be expected for the
financial year ending 31 December 2023.
c. Functional and presentation currency
The condensed interim consolidated financial statements are presented in United Arab Emirates Dirhams
(AED) which is the Company's functional currency and the Group's presentation currency. All amounts have
been rounded to the nearest AED thousands (‘000s), unless stated otherwise.
d. Basis of consolidation
Subsidiary
A subsidiary is an investee controlled by the Group. The Group controls an investee if it is exposed to, or
has rights to, variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee. The interim financial statements of a subsidiary are included
in the condensed interim consolidated financial statements from the date on which control commences
until the date when control ceases.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses (except for foreign
currency transaction gains or losses) arising from intragroup transactions, are eliminated in preparing the
condensed interim consolidated financial statements. Unrealised losses are eliminated in the same way as
unrealised gains, but only to the extent that there is no evidence of impairment.
. 8Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
2. Basis of preparation (continued)
e. Judgments and estimates
The preparation of these condensed interim consolidated financial statements requires management to
make judgments, estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities, equity, income and expense. Actual amount may differ from these
estimates.
In preparing these condensed interim consolidated financial statements, the significant judgments made
by management in applying the Group’s accounting policies and the key sources of uncertainty in relation
to estimates were the same as those which were applicable to the audited consolidated financial
statements as at and for the year ended 31 December 2022.
3. Summary of significant accounting policies
The accounting policies used in the preparation of these condensed interim consolidated financial
statement are consistent with those used in the preparation of the Group’s consolidated financial
statements for the year ended 31 December 2022, and the notes attached thereto.
3.1 Adoption of new and revised Standards
New and amended IFRS Standards that are effective for the current period
During the nine-month period, the Group has applied a number of amendments to IFRS Standards and
Interpretations issued by the International Accounting Standards Board (IASB) that are effective for an
annual period that begins on or after 1 January 2023.
The following new and revised IFRSs, which became effective for annual periods beginning on or after
1 January 2023, have been adopted in these condensed interim consolidated financial statements. Their
adoption has not had any material impact on the disclosures or on the amounts reported in these
condensed interim consolidated financial statements.
New and revised IFRS Summary
IFRS 17 Insurance Contracts IFRS 17 requires insurance liabilities to be measured at a current
fulfilment value and provides a more uniform measurement and
presentation approach for all insurance contracts. These requirements
are designed to achieve the goal of a consistent, principle-based
accounting for insurance contracts. IFRS 17 supersedes IFRS 4
Insurance Contracts as of 1 January 2023.
Amendments to IFRS 17 • Amends IFRS 17 to address concerns and implementation
Insurance Contracts challenges that were identified after IFRS 17 Insurance Contracts
was published in 2017. The main changes are:
• Deferral of the date of initial application of IFRS 17 by two years to
annual periods beginning on or after 1 January 2023.
. 9Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
3. Summary of significant accounting policies (continued)
3.1 Adoption of new and revised Standards (continued)
New and amended IFRS Standards that are effective for the current period (continued)
New and revised IFRS Summary
Amendments to IFRS 17 • Additional scope exclusion for credit card contracts and similar
Insurance Contracts contracts that provide insurance coverage as well as optional
scope exclusion for loan contracts that transfer significant
insurance risk.
• Recognition of insurance acquisition cash flows relating to
expected contract renewals, including transition provisions and
guidance for insurance acquisition cash flows recognised in a
business acquired in a business combination.
• Clarification of the application of IFRS 17 in interim financial
statements allowing an accounting policy choice at a reporting
entity level.
• Clarification of the application of contractual service margin
(CSM) attributable to investment-return service and investment-
related service and changes to the corresponding disclosure
requirements.
• Extension of the risk mitigation option to include reinsurance
contracts held and non-financial derivatives.
• Amendments to require an entity that at initial recognition
recognises losses on onerous insurance contracts issued to also
recognise a gain on reinsurance contracts held.
• Simplified presentation of insurance contracts in the statement of
financial position so that entities would present insurance
contract assets and liabilities in the statement of financial position
determined using portfolios of insurance contracts rather than
groups of insurance contracts.
• Additional transition relief for business combinations and
additional transition relief for the date of application of the risk
mitigation option and the use of the fair value transition
approach.
Amendment to IFRS 17 The amendment permits entities that first apply IFRS 17 and IFRS 9 at
Insurance Contracts Initial the same time to present comparative information about a financial
Application of IFRS 17 and IFRS asset as if the classification and measurement requirements of IFRS 9
9 - Comparative Information had been applied to that financial asset before.
Amendments to IFRS 4 The amendment changes the fixed expiry date for the temporary
Insurance Contracts Extension exemption in IFRS 4 from applying IFRS 9 Financial Instruments, so
of the Temporary Exemption that entities would be required to apply IFRS 9 for annual periods
from Applying IFRS 9 beginning on or after 1 January 2023.
. 10Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
3. Summary of significant accounting policies (continued)
3.1 Adoption of new and revised Standards (continued)
New and amended IFRS Standards that are effective for the current period (continued)
New and revised IFRS Summary
Amendments to IAS 1 The amendments require that an entity discloses its material
Presentation of Financial accounting policies, instead of its significant accounting policies.
Statements and IFRS Practice Further amendments explain how an entity can identify a material
Statement 2 accounting policy. Examples of when an accounting policy is likely to
be material are added. To support the amendment, the Board has also
developed guidance and examples to explain and demonstrate the
application of the ‘four-step materiality process’ described in IFRS
Practice Statement 2.
Amendments to IAS 12 Income The amendments clarify that the initial recognition exemption does
Taxes relating to Deferred Tax not apply to transactions in which equal amounts of deductible and
related to Assets and Liabilities taxable temporary differences arise on initial recognition.
arising from a Single
Transaction
Amendments to IAS 12 Income The amendments provide a temporary exception to the requirements
Taxes relating to International regarding deferred tax assets and liabilities related to pillar two
Tax Reform - Pillar Two Model income taxes.
Rules
Amendments to IAS 8 The amendments replace the definition of a change in accounting
Accounting Policies, Changes in estimates with a definition of accounting estimates. Under the new
Accounting Estimates and definition, accounting estimates are “monetary amounts in financial
Errors statements that are subject to measurement uncertainty”. Entities
develop accounting estimates if accounting policies require items in
financial statements to be measured in a way that involves
measurement uncertainty. The amendments clarify that a change in
accounting estimate that results from new information or new
developments is not the correction of an error.
. 11Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
3. Summary of significant accounting policies (continued)
3.2 New and revised IFRS in issue but not yet effective and not early adopted
At the date of authorisation of these condensed interim consolidated financial statements, the Group has
not applied the following new and revised IFRS Standards that have been issued but are not yet effective:
Effective for
annual periods
New and revised IFRSs beginning on or after
Amendments to IFRS 16 Leases relating to Lease Liability in a Sale and Leaseback 1 January 2024
The amendment clarifies how a seller-lessee subsequently measures sale and
leaseback transactions that satisfy the requirements in IFRS 15 to be accounted
for as a sale.
Amendments to IAS 1 Presentation of Financial Statements relating to 1 January 2024
Classification of Liabilities as Current or Non-Current
The amendments aim to promote consistency in applying the requirements by
helping companies determine whether, in the statement of financial position,
debt and other liabilities with an uncertain settlement date should be classified
as current (due or potentially due to be settled within one year) or non-current.
The amendments also defer the effective date of the January 2020 amendments
by one year, so that entities would be required to apply the amendment for
annual periods beginning on or after 1 January 2024.
Amendments to IAS 1 Presentation of Financial Statements relating to Non- 1 January 2024
current Liabilities with Covenants
The amendment clarifies how conditions with which an entity must comply within
twelve months after the reporting period affect the classification of a liability.
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: 1 January 2024
Disclosures relating to Supplier Finance Arrangements
The amendments add disclosure requirements, and ‘signposts’ within existing
disclosure requirements, that ask entities to provide qualitative and quantitative
information about supplier finance arrangements.
Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Effective date
Investments in Associates and Joint Ventures (2011) relating to the treatment of deferred indefinitely.
the sale or contribution of assets from an investor to its associate or joint venture Adoption is still
permitted.
The Group anticipates that these new standards, interpretations, and amendments will be adopted in the
Group’s consolidated financial statements as and when they are applicable and adoption of these new
standards, interpretations and amendments may have no material impact on the consolidated financial
statements of Group in the period of initial application.
. 12Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
3. Summary of significant accounting policies (continued)
3.3 Financial risk management
The Group’s financial risk management objectives and policies are consistent with those disclosed in the
consolidated financial statements for the year ended 31 December 2022.
4. Right of use assets
30 September 31 December
2023 2022
(Unaudited) (Audited)
AED’000 AED’000
Properties 94,817 67,235
The movement of right of use assets during the nine-month period:
(Unaudited)
AED’000
At 1 January 2023 67,235
Additions (note 4.1) 71,628
Depreciation expense (44,046)
At 30 September 2023 94,817
4.1 Additions include AED 20 million in respect of a lease agreement entered into with a related party,
Al Ansari Real Estate LLC, for a fixed term of six years in relation to renting the head office premises
of the Group (note 7(a)).
. 13Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
5. Property, equipment and intangibles
Furniture and Computers, Motor Total
fixtures software, and vehicles
office
equipment
AED’000 AED’000 AED’000 AED’000
31 December 2022
Cost 111,395 76,139 9,623 197,157
Accumulated depreciation (86,691) (54,952) (6,447) (148,090)
Net book value as at 31 December
2022 (audited) 24,704 21,187 3,176 49,067
For the nine-month period
Additions 14,380 10,502 4,288 29,170
Reclassification (225) 225 - -
Disposals (808) (56) - (864)
Depreciation (8,690) (7,761) (1,133) (17,584)
Net book value as at 30 September
2023 29,361 24,097 6,331 59,789
30 September 2023 (Unaudited)
Cost 119,481 82,795 13,552 215,828
Accumulated depreciation (90,120) (58,698) (7,221) (156,039)
Net book value 29,361 24,097 6,331 59,789
6. Cash in hand and in transit, due from banks, exchange houses and agents
30 September 31 December
2023 2022
(Unaudited) (Audited)
AED’000 AED’000
Cash in hand and in transit
Cash in hand 805,458 1,029,310
Cash in transit 18,278 21,803
Total amount of cash in hand and in transit 823,736 1,051,113
. 14Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
6. Cash in hand and in transit, due from banks, exchange houses and agents (continued)
30 September 31 December
2023 2022
(Unaudited) (Audited)
AED’000 AED’000
Due from banks
Balances with banks in UAE
- Current accounts 1,158,410 783,448
- Fixed deposits 38,204 201,925
- Restricted deposits 41,342 40,476
- Advances to banks against credit card collections 5,666 5,218
- Credit card receivables 44,323 23,380
1,287,945 1,054,447
Balances with banks outside UAE
- Current accounts 368,231 374,290
- Restricted deposits 9,917 9,880
378,148 384,170
Less: Provision for expected credit losses (note 6.2) (6,240) (6,000)
371,908 378,170
Total amount due from banks 1,659,853 1,432,617
Due from exchange houses and agents
Balances with exchange houses and agents inside UAE 37 68
Balances with exchange houses and agents outside UAE 241,110 64,795
Total amount due from exchange houses and agents 241,147 64,863
Total balance of cash in hand and in transit, due from banks,
exchange houses and agents (note 6.3) 2,724,736 2,548,593
6.1. Amounts due from banks, exchange houses and agents are regularly assessed for credit quality
having regard to their credit rating assigned by international or respective country’s rating agencies
and the country risk.
. 15Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
6. Cash in hand and in transit, due from banks, exchange houses and agents (continued)
30 September 31 December
2023 2022
(Unaudited) (Audited)
AED’000 AED’000
Assessed high rated externally (A1-Baa3) 1,447,274 1,135,001
Assessed medium to low rated externally (Ba3-B1) 56,868 125,899
Unrated externally, Assessed high rated internally 221,957 132,941
Unrated – others 181,141 109,639
1,907,240 1,503,480
6.2. The movement for provision for expected credit losses during the nine-month period:
Stage 1
AED’000
At 1 January 2023 (Audited) 6,000
Provision during the period 240
At 30 September 2023 (Unaudited) 6,240
6.3 Due to the nature of the Group’s business, the ageing of amounts due from banks, other than fixed
deposits and restricted deposits, and from exchange houses is within 30 days.
7. Related party transactions
Related parties comprise shareholders, directors, key management personnel, their related businesses and
the Group’s associates and joint ventures.
The Group enters into transactions with other entities that fall within the definition of a related party as
defined in the International Accounting Standard No. 24: Related Party Disclosures. These transactions are
entered into in the normal course of business and mainly include foreign exchange, remittance
arrangements and rental of office / branch premises.
. 16Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
7. Related party transactions (continued)
The significant transactions included in these condensed interim consolidated financial statements are as
follows:
Nine-month period ended 30 September
2023 2022
(Unaudited) (Unaudited)
AED’000 AED’000
Transactions with related parties (companies under
common control)
Commission income earned – Al Ansari Exchange Co. WLL,
Kuwait 363 228
Interest paid – Group entities - 432
Right of use asset for head office lease - Al Ansari Real
Estate LLC (a) 20,031 -
Finance Cost and depreciation 3,225 -
a) During the nine-month period ended 30 September 2023, the Group entered into a lease agreement
with a related party, Al Ansari Real Estate LLC, for a fixed term of six years in relation to renting the
head office premises of the Group resulting in addition of right of use asset and corresponding lease
liability of AED 20 million.
7.1 Due from / to related parties (companies under common control)
30 September 31 December
2023 2022
(Unaudited) (Audited)
AED’000 AED’000
Due from related parties
Group entities 35,792 217
Due to related parties
Group entities 1,932 817
. 17Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
7. Related party transactions (continued)
7.1 Due from / to related parties (companies under common control) (continued)
Due from related parties represents unsecured interest free current accounts which have arisen in the
normal course of business. The expected credit loss on the amount due from related parties is immaterial.
Due to related parties represents unsecured interest free current accounts which have arisen under the
normal course of business. Certain due to related party balances as at 30 September 2022 were subject to
an average interest rate of 1.15%. These balances were fully settled during 2022.
7.2 Key management personnel
The total amount of compensation paid to key management personnel during the period is as follows:
Nine-month period ended 30 September
2023 2022
(Unaudited) (Unaudited)
AED’000 AED’000
Salaries and other benefits 9,962 8,216
Key management personnel include the Group’s Chief Executive Officer, Group’s Deputy Chief Executive
Officer, Group’s Chief Financial Officer, Group’s other C-Suite officers, and department heads.
8. Prepayments and other receivables
30 September 31 December
2023 2022
(Unaudited) (Audited)
AED’000 AED’000
Prepaid expenses 9,322 7,868
Bills receivables 15,573 10,128
Security deposits and other receivables (note 8.1) 61,005 53,674
Deposit with tax authorities (note 8.2) 12,801 12,801
Commission income receivable in relation to WPS 220 132
Positive value of overnight foreign currency forwards 10,910 9,398
109,831 94,001
8.1 Other receivables are primarily related to counterparties in the UAE. The expected credit loss on
other receivables is insignificant.
. 18Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
8. Prepayments and other receivables (continued)
8.2 Deposit with tax authorities
Voluntary disclosures filed for tax periods from January 2018 to January 2019 – AED 0.97 million
On 29 March 2019, the Group had filed voluntary disclosures as a result of applying incorrect
apportionment formula for allocating input tax into taxable and exempt supplies for the tax period from
January 2018 to January 2019. The Federal Tax Authority (FTA) accepted the voluntary disclosures,
however, levied a penalty of AED 0.97 million, on the tax shortfall of AED 1.88 million, originated as a result
of using an inappropriate method of apportionment.
The Group has challenged the levy of these penalties based on the contention that the Group had a
refundable tax position during the tax period January 2018 to December 2018 and therefore, any tax
shortfall should have been adjusted with the excess refundable position.
On 30 August 2022, the Federal Court of First Instance decided the matter against the Group. The Group
filed an appeal against the decision on 29 September 2022. However, on 16 November 2022, the Federal
Court of Appeal upheld the decision of Federal Court of First Instance against which the Group has filed an
appeal with Federal Supreme Court which is pending hearing.
Tax assessment for tax periods from January 2018 to January 2019 – AED 6.53 million
During the year 2020, The FTA had assessed that the share of income received from sending agents in
relation to inward remittances is subject to standard rate of tax. Accordingly, FTA had assessed short
payment of VAT by the Group and related penalties amounting to AED 9.43 million based on the view that
the recipients of the service reside in UAE. In 2021, the FTA reduced its original assessment to AED 6.53
million. The Group is of the view that receipt of such income should be zero rated in accordance with VAT
regulations due to the fact that the services are provided to the sending agents who are non-resident
persons at the time of providing such services and filed an appeal with Federal Court of First Instance.
On 8 February 2022, the Federal Court of First Instance has decided the matter in favour of the Group.
However, the FTA filed an appeal challenging the decision of the Court. On 1 February 2023, the Federal
Court of Appeal upheld the decision of Federal Court of First Instance, against which FTA has filed an appeal
with the Federal Supreme Court which is pending hearing.
Voluntary disclosures filed for tax periods from February 2019 to October 2020 – AED 5.30 million
Further, as a result of above-mentioned tax assessment and to avoid further penalties, the Group has filed
voluntary disclosures in 2021 for tax periods from February 2019 to October 2020 and additionally paid
AED 5.30 million (VAT and related penalties). The Group reserves the right to get a refund from FTA if the
matter is decided by the Federal Supreme Court in the Group’s favour.
. 19Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
9. Lease liabilities
The movement of lease liabilities is provided below:
2023
(Unaudited)
AED’000
At 1 January 2023 57,623
Additions 71,628
Finance cost on lease liability 2,951
Payments (47,736)
At 30 September 2023 84,466
30 September 31 December
2023 2022
(Unaudited) (Audited)
AED’000 AED’000
Non-current 45,943 23,658
Current 38,523 33,965
84,466 57,623
10. Trade and other payables
30 September 31 December
2023 2022
(Unaudited) (Audited)
AED’000 AED’000
Travel card payables (note 10.1) 203,298 168,916
Remittances payable (note 10.2) 164,133 114,234
Payable balances in relation to Wage Protection System 176,860 130,122
Bills payables 49,363 28,136
Payable to Western Union in lieu of remittance funding 12,115 12,780
Accrued expenses 65,360 59,068
Other payables 145,403 144,236
816,532 657,492
10.1 Travel card payables represent money loads from customers which are placed with Abu Dhabi Islamic
Bank and exclusively used for settlements to Visa International upon spending by the customers.
10.2 Represents pending settlements to beneficiaries for the remittances made by the customers.
. 20Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
11. Bank borrowings
30 September 31 December
2023 2022
(Unaudited) (Audited)
AED’000 AED’000
Term loan facility (note 11.1) - 298,750
Bank overdraft (note 11.2) - 50,000
- 348,750
11.1 Term loan facility
On 24 November 2022, the Group arranged a term loan facility of AED 1,000 million, subsequently reduced
to AED 500 million on 12 June 2023, from a local commercial bank for a period of three years with an initial
drawdown of AED 300 million against the facility on 29 December 2022. The facility can be drawn in
multiple tranches whereby each tranche is repaid in full along with the interest within 90 days of utilisation,
with an option to rollover the principal amount throughout the term. As on the reporting date, the utilised
tranche of term loan facility was repaid in full and not rolled over.
As per the facility agreement, each drawdown should be secured by way of pledge over fixed deposits for
a similar amount by the Group or the Parent Company and carries interest at three-month EIBOR plus a
fixed margin per annum.
11.2 Bank overdraft
The Group has total overdraft facilities arranged with various banks for AED 600 million (2022: AED 50
million). These facilities are available to meet the working capital requirements of the Group and carry
variable interest rates plus fixed margins. These facilities are repayable on demand and are secured by
account pledge over the margin deposits placed by the Group or the Parent Company.
As on the reporting date, bank overdraft facilities were repaid in full.
12. Contingencies and commitments
30 September 31 December
2023 2022
(Unaudited) (Audited)
AED’000 AED’000
Contingent liabilities
Guarantees issued by banks in favour of:
Central Bank of the UAE (“CBUAE”) 235,000 220,000
Financial institutions for correspondent relationships
(note 12.1) 11,826 11,826
Total guarantees arranged and issued 246,826 231,826
Al Ansari Financial Services PJSC and its Subsidiaries
. 21Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
12. Contingencies and commitments (continued)
12.1 The Group has arranged guarantees from local commercial banks, drawn in favour of certain
correspondent banks and business partners as required under the terms of the respective
correspondent arrangements.
12.2 The commitment in respect of capital expenditure incurred as at 30 September 2023 amounts to
AED 3.44 million (31 December 2022: AED 3.70 million).
13. Share capital
As at 30 September 2023, the authorised issued and fully paid share capital of the Company comprised
7,500,000,000 ordinary shares of AED 0.01 each (31 December 2022: 7,500,000,000 ordinary shares of
AED 0.01 each).
14. Acquisition reserve
On 1 January 2018, the Company had entered into an equity acquisition arrangement with its shareholders
whereby all the shareholders transferred their individual equity interest in the Group entities to the
Company.
The fair value of the net assets that were acquired at the effective date of control were treated as
Acquisition reserve, a reserve distributable to the shareholders, as there was no consideration paid to
shareholders.
15. Salaries and benefits
Nine-month period ended 30 September
2023 2022
(Unaudited) (Unaudited)
AED’000 AED’000
Salaries and wages 250,437 216,779
Staff bonuses and incentives 21,055 19,197
Leave salary and air tickets 27,232 23,337
Employees’ end of service benefits 5,155 5,004
Other benefits 29,835 32,071
333,714 296,388
16. Discontinued operations
On 30 September 2022, the Board resolved to carry out an internal restructuring of the Group whereby all
the shares owned by the Company in Al Ansari Real Estate LLC and Al Ansari Financial Brokerage LLC were
sold to the Parent Company on 24 November 2022 and 30 November 2022 respectively.
. 22Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
16. Discontinued operations (continued)
Financial information and cash flow information presented are for the nine-month period from 1 January
to 30 September 2022:
2022
(Unaudited)
AED’000
Net commission income 4,550
Interest income – net 1,420
Rental income 12,514
18,484
Salaries and benefits (2,391)
General and administrative expenses (6,019)
Depreciation and amortisation (3,961)
Profit from discontinued operations 6,113
Net cash used in operating activities (11,032)
Net cash used in investing activities (1,903)
Net cash flows from financing activities 4,006
Net cash used for discontinued operations (8,929)
17. Basic and diluted earnings per share
Basic and diluted earnings per share - Continuing operations
Nine-month period ended 30 September
2023 2022
(Unaudited) (Unaudited)
Profit from continuing operations for the period
attributable to the shareholders (AED ‘000) 387,803 427,923
Weighted average Number of ordinary shares during the
year (‘000) 7,500,000 7,500,000
Basic and diluted earnings per share – Continuing operations
(AED) 0.0517 0.0571
. 23Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
17. Basic and diluted earnings per share (continued)
Basic and diluted earnings per share - Discontinued operations
Nine-month period ended 30 September
2023 2022
(Unaudited) (Unaudited)
Profit from discontinued operations for the period
attributable to the shareholders (AED ‘000) - 5,788
Weighted average Number of ordinary shares during the
year (‘000) 7,500,000 7,500,000
Basic and diluted earnings per share – Discontinued
operations (AED) - 0.0008
18. Cash and cash equivalents
30 September 31 December 30 September
2023 2022 2022
(Unaudited) (Audited) (Unaudited)
AED’000 AED’000 AED’000
Cash in hand and in transit 823,736 1,051,113 987,486
Due from banks - gross 1,666,093 1,438,617 1,713,350
Due to banks (26,931) (10,824) (9,229)
2,462,898 2,478,906 2,691,607
Less:
Fixed deposits with an original maturity
longer than three months (38,204) (201,925) (96,735)
Restricted deposits with banks inside UAE (41,342) (40,476) (37,176)
Restricted deposits with banks outside UAE (9,917) (9,880) (9,880)
2,373,435 2,226,625 2,547,816
Add:
Cash and cash equivalent classified as
assets held for sale - - 13,486
Total cash and cash equivalents 2,373,435 2,226,625 2,561,302
. 24Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
19. Reporting segments
For management purposes, the Group is organised into business units based on relevant business activities
and there is one reportable segment as of 30 September 2023 (3 main reportable segments as of 30
September 2022), as follows:
• Money Exchange and Remittances: the Group primarily provides cross-border and domestic
remittances, purchase and sale of foreign currencies, processing salaries, bill collections and sale of
prepaid travel cards. The Group provides these services to its customers through a wide branch
network, digital channels and smart counters.
• Lease of real estate properties: the Group owns real estate properties and leases it to individuals and
businesses for residential and commercial purposes.
• Securities brokerage: the Group provides brokerage services in local securities traded on Dubai
Financial Market (DFM) & Abu Dhabi Stock Exchange (ADX).
The Senior Management Committee is the Chief Operating Decision Maker (CODM) and monitors the
segment results for the purposes of making decisions in relation to resource allocation and performance
assessment.
For the nine-month ended 30 September 2023 (Unaudited)
Money Lease of Securities Others Segment
exchange & real estate brokerage Total
remittances properties
AED’000 AED’000 AED’000 AED’000 AED’000
Revenue 877,048 - - 6,139 883,187
Expenses
Salaries and benefits, general,
administrative and other expenses (490,659) - - (4,725) (495,384)
Segment profit for the period 386,389 - - 1,414 387,803
. 25Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
19. Reporting Segments (continued)
For the nine-month ended 30 September 2022 (Unaudited)
Money Lease of Securities Others Segment
exchange & real estate brokerage Total
remittances properties
AED’000 AED’000 AED’000 AED’000 AED’000
Revenue 848,868 - - 7,707 856,575
Expenses
Salaries and benefits, general,
administrative and other expenses (425,956) - - (2,696) (428,652)
Segment profit from continued
operations 422,912 - - 5,011 427,923
Profit from discontinued operations - 4,635 1,478 - 6,113
Segment profit for the period 422,912 4,635 1,478 5,011 434,036
The Group generates all its revenue from the UAE and all non-financial assets are located in the UAE.
20. Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either:
• in the principal market for the asset or liability, or
• in the absence of a principal market, in the most advantageous market for the asset or liability. The
principal or the most advantageous market must be accessible to the Company.
Financial instruments comprise financial assets and financial liabilities.
Financial assets consist of cash in transit, due from banks, due from exchange houses and agents, due from
related parties and other receivables. Financial liabilities consist of trade and other payables, due to banks,
due to exchange houses and agents, due to related parties, bank borrowings and lease liabilities. Fair value
of all financial assets and financial liabilities that are measured at amortized cost approximate their fair
value.
. 26Al Ansari Financial Services PJSC and its Subsidiaries
Notes to the condensed interim consolidated financial statements (continued)
for the nine-month period ended 30 September 2023
20. Fair value measurement (continued)
Fair value hierarchy
The Company uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities that the Company can
access at the measurement date.
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability,
either directly or indirectly.
Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not
based on observable market data.
The carrying amount of financial assets and financial liabilities approximates their fair values.
Other receivables include forward contracts which are valued based on the difference between the
contractual forward rate and forward rate determined on the reporting date.
21. Litigations
The Group is subject to litigations in the normal course of its business. The Group expects that the outcome
of these legal cases will not have a material impact on the Group's condensed interim consolidated
financial performance or condensed interim consolidated financial position.
22. Subsequent events
At the General Meeting of the shareholders held on 1 November 2023, the shareholders, based on
recommendation of Directors, have approved a cash dividend of AED 0.04 per outstanding share
amounting to AED 300 million. There are no other significant events after the reporting period that would
require adjustment or disclosure in these condensed interim consolidated financial statements.
23. Corporate tax in UAE
On 9 December 2022, the UAE Ministry of Finance released Federal Decree-Law No. 47 of 2022 on the
Taxation of Corporations and Businesses (Corporate Tax Law or the CT Law) to enact a Federal corporate
tax regime in the UAE. The new CT regime became effective for accounting periods beginning on or after
1 June 2023. As the Group’s accounting year ends on 31 December, accordingly the effective
implementation date for the Group will start from 1 January 2024 to 31 December 2024, with the first
return to be filed on or before 30 September 2025.
The Group will be subject to a 9% corporate tax rate on taxable income above a threshold of AED 375,000.
As per the Group’s assessment, there is no deferred tax impact on account of the CT Law on these
condensed interim consolidated financial statements. The Group will continue to assess the possible
impact of the CT Law from current and deferred tax perspective based on clarifications and guidance on
the implementation of CT Law.
. 27

Sentiment: neutral