UAE-based Network International reports 9% rise in H1 net profit

UAE-based Network International reports 9% rise in H1 net profit

Network International, the UAE-based payments-processing company, reported a 9% year-on-year (YoY) rise in H1 2023 net profit to $34.9 million on the back of higher consumer spending in its home market.

Total revenue rose 17% to $239.2 million, the London Stock Exchange-listed company said in a statement on Thursday.

Across the group, which includes African markets, the total value of processed payments grew 31% YoY.

CEO Nandan Mer said: "Performance in our home market of the UAE has been particularly good, where we have seen consistent market share gains in direct-to-merchant services through 2022 and into 2023, supported by our continued focus on high growth strategic areas such as SME, online and hospitality."

(Writing by Brinda Darasha; editing by Seban Scaria)

[email protected]

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2023