Network International profit shrinks while revenue grows

Network International profit shrinks while revenue grows

High interest rates and currency devaluations dented profit at Middle East payments provider Network International last year, despite revenue rising by 13 percent. The company posted net profit of $67 million for 2023, a drop of 16 percent year on year. The primary impact on profit for the year came from increased financing costs as […]

Revenue up 13%

Profit down 16%

Strong performance in UAE

High interest rates and currency devaluations dented profit at Middle East payments provider Network International last year, despite revenue rising by 13 percent.

The company posted net profit of $67 million for 2023, a drop of 16 percent year on year.

The primary impact on profit for the year came from increased financing costs as interest rates were substantially higher than the previous year. 

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Network International was also affected by foreign exchange depreciation in some African markets, it said in a press statement.

The company’s revenue rose to $490 million, fuelled by strong performance in the UAE. In the Emirates the value of merchant payments processed from domestic consumers and international visitors rose 24 percent and 55 percent year on year, respectively. 

Spending from visitors across the Middle East, the UK and