Bloomberg/Simon Dawson

Network International reports a 5.1 per cent increase in H1 2019

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The UAE-based payments processing firm earned $111.5 million of its overall revenue from the Middle East during the six-month period and also renewed its five-year deals with Emirates NBD and Emirates Islamic Bank.

Sunday 18, August 2019

Network International, which listed on the London Stock Exchange in April, has reported net income of $43.8 million in H1 2019, a 5.1 per cent increase as the company’s revenue increased by 12.4 per cent to $152.3 million.

However, the Network International stated that profit from continuing operations fell 55 per cent to $15.8 million because of a number of one-off costs related to its initial public offering, changes to incentive plans and amortising of costs relating to its digitalisation transformation programme.

The payments processing firm signed a commercial agreement with Mastercard, which is expected to help drive accelerated adoption of digital payments in the company’s markets and provide incremental upside to its guidance in medium-term.

Simon Haslam, the Chief Executive Officer of Network International, said, “Following the cornerstone investment by Mastercard at the time of listing, we have now signed a commercial agreement that will form the basis of our strategic partnership and identifies the areas where we can collaborate to drive growth in the development of digital payments in the markets we operate in.”

Additionally, the firm is also pushing ahead with plans to grow in Saudi Arabia, having been included in a new innovation sandbox created by the Saudi Arabian Monetary Authority, earlier this year.

TAGS : Network International, Emirates NBD, Emirates Islamic Bank, Mastercard, London Stock Exchange, IPO

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