UAE’s Network International has posted a ten-fold increase in its profit for 2021, as the local economy recovered from the COVID-19 pandemic.
Net profit for the 12 months ended December 31, 2021 reached $56.6 million, up 910 percent from the $5.6 million recorded in 2020.
The company’s revenue also increased 23.7 percent to $352.2 million, with revenue in the Middle East alone rising by 25 percent, Network International said on Wednesday. Underlying EBITDA increased by 27.5 percent to $143.5 million
“The UAE economy recovered from the pandemic, reflecting the underlying resilience of the business,” said Rohit Malhotra, Chief Financial Officer and Chief Strategy Officer of Network International.
With the positive results, the company said it has improved its margin outlook and continues to expect Group revenue to grow 27.99 percent in 2022.
(Writing by Cleofe Maceda; editing by Daniel Luiz )