Al Ansari Plans to Double Dividend Payout Ahead of #Dubai IPO - Bloomberg

Al Ansari Plans to Double Dividend Payout Ahead of Dubai IPO - Bloomberg

Al Ansari Financial Services plans to double its dividend for 2023 ahead of its upcoming initial public offering, according to people with knowledge of the matter.

The United Arab Emirates-based money-exchange firm raised its target payout to a minimum of 600 million dirhams ($164 million), according to an investor presentation seen by Bloomberg. It plans to pay equal installments in October and April 2024 and is planning a payout of at least 70% of net profit after that, according to the document.

Al Ansari could list in Dubai as soon as the first quarter, Bloomberg reported in August. Preparations for the IPO are ongoing and details such as timing could still change. The Gulf region remains a bright spot for offerings with a strong pipeline of potential listings.

The company has drawn 300 million dirhams from Abu Dhabi Commercial Bank PJSC to pay a pre-IPO dividend, according to the presentation. As well as a 300 million dirham payout last year, Al Ansari paid 1.076 billion dirhams as an extraordinary dividend.