|14 August, 2019

UAE's Network International revenues rise as it picks up new Saudi contracts

Network International reported earnings of $298mln last year, boosted by better-than-expected performance in Saudi Arabia

 

LONDON: Network International, the UAE-based payments provider, reported strong Middle East revenues helped by a better than expected performance in Saudi Arabia.

The company, which listed its shares on the London Stock Exchange in April, said overall revenues grew 12.4 percent to $152.35 million in the six months ending June 30 compared to the year earlier period.

“The group sees opportunities for acceleration through deeper geographic penetration into key markets, particularly in Saudi Arabia where it has already acquired a commercial license and offices,” said CEO Simon Haslam.

Network International said that customer momentum “remained strong,” with several customers including Emirates NBD and Emirates Islamic renewing contracts, and the signing of new customers in the Kingdom.

Middle East revenues, which contributed almost three quarters of total revenues, increased 9.3 percent year-on-year to $111.5 million as it benefited from the structural shift from cash to digital payments across the region.

The payment processor reported earnings of $298 million last year according to its website, up from $262 million a year earlier.

Last year it processed some $40 billion in payments for more than 65,000 merchants.

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