Dubai: The Dubai payments processing company, Network International, recorded $239.2 million (up 16.7 per cent) in H1-23 revenues as consumer spend and merchant acquisitions gained more traction. Profit for the firm, which the fund manager Brookfield is buying for a $2.8 billion offer, came to $34.9 million, a gain of 9.1 per cent.
The UAE operations remain the primary revenue driver for Network, but it has expanded its presence in Egypt where it has signed over 700 merchants. In Saudi Arabia, there was a deal entered into with Alinma Bank, one of the Top 5 in the Kingdom.
“We have made good progress in new market opportunities, having secured another three new financial institutions in Saudi Arabia and over 700 merchants since our direct-to-merchant service was launched in Egypt earlier this year,” said Nandan Mer, CEO.
“Whilst overall Africa performance was slower on the back of tough macro-economic conditions, we have recently deployed on-soil technology capabilities in South Africa, providing excellent foundations for future growth.”