|20 August, 2019

UAE's Finablr posts 9.1% rise in first-half group income

Finablr reported adjusted group income of $742 million for the period ended June 30

Traders monitor stocks at the Dubai Stock Exchange in the Dubai World Trade Center.

Traders monitor stocks at the Dubai Stock Exchange in the Dubai World Trade Center.

REUTERS/Ahmed Jadallah

DUBAI - United Arab Emirates-based payment solutions business Finablr, which listed in London in May, on Tuesday posted a 9.1% rise in half-year group income, saying earnings were at the upper end of its guidance.

Finablr reported adjusted group income of $742 million for the period ended June 30, up from $680.5 million in the same period a year earlier.

The company, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, raised $400 million in an initial public offering on the London Stock Exchange earlier this year. Half of that amount was raised selling new shares.

"Finablr delivered strong results at the upper end of our guidance, with growth in each of our three segments and across our channels and products," Promoth Manghat, the company's chief executive officer said in a statement.

Finablr is targeting high single-digit group adjusted income growth in the medium term.

"B2B and Payment Technology Solutions, our fastest growing segment and now the single largest contributor to Group EBITDA, enjoyed growth from existing customers and continued pipeline momentum."

B2B or Business to Business transactions, and payment technology solutions adjusted income rose 20.5% to $161 million in the first half of the year from a year earlier, it said.

(Reporting by Saeed Azhar; editing by David Evans)

© Reuters News 2019

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