19th Oct 2022 09:48
(Alliance News) - Network International Holdings PLC on Wednesday reiterated its 2022 guidance, as it reported a jump in revenue from its Merchant Solutions arm.
The Middle East and Africa-focused payment solutions provider said it still expects a revenue growth of between 27% and 29% for 2022 as well as a modest increase in the earnings before interest, tax, depreciation and amortisation margin.
In the third quarter ended September 30, the firm said total revenue was up 28% from a year ago. Merchant Solutions revenue jumped 39%. Revenue from recently acquired Nairobi-based payments firm DPO Group rose 16%, though growth was 29% at constant foreign exchange rates. Network International reports its results in dollars.
In September 2021, Network International bought DPO for USD291.3 million.
"We continue to make positive strides in executing against our strategy, delivering yet another high growth quarter with 28% year-on-year revenue growth. During the period we won record levels of new business in the United Arab Emirates and continued our market entry in Saudi Arabia. I am also thrilled to see Network leading the industry with positive licensing updates in the UAE, Egypt, Kenya and Saudi Arabia, whilst continuing to strengthen our relationship with major customer Emirates NBD Bank PJSC," said Chief Executive Officer Nandan Mer.
Network International shares were down 1.7% to 308.00 pence each in London on Wednesday morning.
By Tom Budszus; [email protected]
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