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Dubai based Network International on Wednesday said it is considering mergers and acquisitions (M&A) to expand its operations into new markets.
The London Stock Exchange-listed payments provider also unveiled a new strategy that will help its revenue grow by over 20 percent per year in the medium term, higher than the low-mid teens guidance it issued earlier. For 2022 it expects a revenue growth of 27-29 percent year-on-year.
Network International’s underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) margin will return to 45-50 percent in the medium-long term, compared to the 35 percent in H1-2021, the statement noted.
The Dubai-based company's net profit for the six-month period ended June 30 was $15 million compared with a loss of $936,000 during the same period last year.
DPO Group acquisition
The company, which just completed its $291.3 million acquisition of the African online payments platform, DPO Group, said the new strategy is expected help Network grow by “businesses and economies prosper by simplifying commerce and payments through faster digital onboarding, technology advancements to lower the cost of acceptance, expanding the range of value-added services…”
The payments processor is also looking to launch DPO Pay, an online payment solution for SMEs, in the UAE, in the final quarter of 2021.
(Writing by Brinda Darasha; editing by Seban Scaria)
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