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Dubai payments provider Network International more than doubles H1 net profit

August 12, 2022
finance & economy

Plans to begin a share buyback programme of up to $100mln

Dubai-based payments processor Network International (NI) said on Thursday it expects revenue growth to continue for the remainder of the year as its H1 net profit more than doubled.

The London Stock Exchange-listed company said net profit came in at $31.99 million with underlying EBITDA growing 26% to $76 million.

Revenues for the period rose 31% year-on-year to $205 million, supported by a 43% rise in the total value of payments processed (TPV).

'The UAE, the company’s largest market, saw high growth in merchant payments processed from domestic consumers at 20% year on year, and payments from international visitors growing 92% year on year,' NI said in a statement.

The company said it plans to begin a share buyback programme of up to $100 million as it has $81 million generated in underlying free cashflow for the twelve months to 30 June 2022.

NI confirmed its financial guidance for the full year as its major markets saw solid trading, said it expects group revenue growth of 27-29% y-o-y 'with modest EBITDA margin expansion'.

Nandan Mer, CEO, said: 'Overall, our performance in the first half underpins our outlook and guidance for the year ahead, which is reconfirmed. Whilst we remain conscious of rising global macroeconomic and inflationary pressures, we continue to see steady trading in our major markets.”