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Dubai-based payments provider Network International posted a 16% year-on-year (YoY) drop in net profit to $66.5 million for full-year 2023.
The LSE-listed company's profit came in below analysts' mean estimate of $81.4 million, according to LSEG data.
The bottom-line was impacted by "increasing interest rates, higher depreciation and amortisation from increased investments and a higher effective tax rate due to growing profits across Africa," the company said in a statement on Thursday.
Revenue came to $490 million in 2023, up 13% YoY, driven by performance in the Middle East, where the value of merchant payments processed from domestic consumers and international visitors rose 24% and 55% YoY respectively.
Across the group, which includes African markets, the total value of consumer payments processed with merchants grew 29% YoY, supported by the company's focus on the high-growth SME, online and hospitality sectors.
Network generated underlying free cash flow of $96 million, up 17% YoY.
(Reporting by Brinda Darasha; editing by Seban Scaria)
