UAE’s Network International reveals 15.3% drop in Middle East revenues for H1

  • Date: 18-Aug-2020
  • Source: Arabian Business
  • Sector:Retail
  • Country:UAE
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UAE’s Network International reveals 15.3% drop in Middle East revenues for H1

UAE-based payment solutions provider Network International saw its total revenues in the Middle East drop by 15.3 percent in the first six months of the year as a result of the Covid-19-enforced lockdowns and reduced customer spending.

In Africa, revenues fell 10.5 percent year-on-year for H1, while the company's total revenue for the MENA region was down 11.9 percent.

This resulted in a $150,000 loss for the period, reflecting lower underlying EBITDA and the write-off of $6.7 million of capitalised debt issuance fees associated with the prior lending facility.

Simon Haslam, chief executive officer, said: "There has been much for the business to focus on through this period and we have continued to prioritise supporting our customers and colleagues in navigating through the challenges presented by Covid-19.

“Though this has, and will, impact financial performance