UAE-based payments provider Network International posts 19% growth in revenue

Payment Solutions Company says growth was driven by spending recovery in the UAE

  
Electronic boards showing stock information are pictured at the stock market, in Dubai, United Arab Emirates, November 5, 2020. Image used for illustrative purpose

Electronic boards showing stock information are pictured at the stock market, in Dubai, United Arab Emirates, November 5, 2020. Image used for illustrative purpose

REUTERS/Abdel Hadi Ramahi

UAE-based payment solutions firm Network International has seen its revenue rise based on the spending-recovery in the UAE and increasing values of payments processed in both the Emirates and Jordan.

According to the company’s Q3 trading update, its revenue growth year-on-year was 19 percent, while value of payments processed in the UAE and Jordan was 22 percent, recovering to 2019-levels by the end of the quarter.

Merchant solutions revenue was up by 38 percent, the company said in its Q3 2021 trading update.

Network International based in Dubai but listed in London, said it has seen a record number of new merchant signups including Hugo Boss, Mercedes, Madame Tussauds Dubai and new Dubai-based attraction Ain Dubai. 

The company said that its entry into the Saudi Arabian Market was also on track, with the expectation of launching in the kingdom in early 2022. 

CEO Nandan Mer said: “We have set out our new strategy to accelerate, innovate and drive faster long-term growth. We are making progress already, giving the business strong foundations from which to deliver our medium-term target of 20%+ revenue growth.”

“Consumer spending in the region has also continued to improve, supported by the ongoing return of tourism and growing domestic consumer confidence,” he added.

The company is the acquiring ticketing partner for Expo 2020, providing integrated POS solutions for ticketing, retail and food and beverage outlets, while online the business is supporting delivery of quick Click2Pay ticketing checkout, the update said.

(Reporting by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com)

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© ZAWYA 2021


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