Dubai’s Network International to complete $100m share buyback programme in 2023

Dubai’s Network International to complete $100m share buyback programme in 2023

Dubai: Network International, the Dubai-headquartered card payment processing company, will buyback a further $47 million worth of its shares this year and bring the total to $100 million since 2022. The company is listed on London Stock Exchange and its stock is quoting at 270.61 pence. The Network stock is still some way off from the 52-week high of 362.4 pence. (In comparison, the 52-week low was 152.9. And clearly, the buyback program last year has rubbed off on the price.) During 2022, Network International raised revenues of $438.4 million, up an impressive 24.5 per cent, with gains from the ‘merchant services business’. This led to an EBITDA of $178.6 million, ‘supporting margin expansion of 240 basis points to 40.7 per cent’. Net profit too turned in a healthy performance, up 41.6 per cent to $80.1 million. Another big plus, for now and into the near-term, is the completion of its technology deployment in Saudi Arabia. It signed up four additional financial institutions there, ‘providing a solid underpin to its medium-long term revenue target for the Kingdom of $50 million’. (Network has initiated the process to provide merchant payment services in Saudi Arabia and has received in-principle approval for a