Network International Q2 2022 KSA financial results
- Date: 11-Aug-2022
- Source: Zawya
- Sector:Financial Markets
- Country:Saudi Arabia
Network International Q2 2022 KSA financial results
Strong H1 2022 results with revenue up 31% and profit increasing 113% reflecting strong trading and strategic delivery
- Strong trading in the Middle East driven by growing consumer confidence and an increase in tourism
- Underlying EBITDA grew 26% to USD 76 million reflecting strong revenue growth, with profit for the period increasing 113% to USD 32 million
- Two new customer wins in the Kingdom of Saudi Arabia and a healthy pipeline in place
- KSA in-country technology deployment completed
- Direct-to-merchant services to launch in Egypt soon, revenue to build from 2023
- Financial guidance for the full year is reconfirmed with major markets seeing solid trading
- Share buyback programme launched worth up to USD100 million enabling the company to return value to shareholders
Network International Holdings Plc (LSE:NETW) (“Network” or the “Company”) today announced its interim financial results for the half year ended 30 June 2022.
Strong financial performance
Revenue for the period was up 31.1% to USD 205.0 million compared to the same period last year, with broad-based improvement across all regions and a USD 15 million contribution from newly acquired DPO Group. Revenues in the Middle East and Africa increased 21.5% and 55.8% respectively, supported by a 43% increase year on year in