9th Mar 2023 11:56
(Alliance News) - Network International Holdings PLC on Thursday reported a profit rise for 2022, citing revenue growth that was boosted by business in the United Arab Emirates and Jordan.
The The Middle East and Africa-focused payments provider said pretax profit in 2022 jumped 47% to USD93.4 million from USD63.4 million a year ago. Revenue climbed 24% to USD438.4 million from USD352.4 million. It noted that direct-to-merchant total processed volume in the United Arab Emirates and Jordan grew 29% annually.
Looking ahead, Network said it is encouraged by dynamics in its markets, "with a high growth transition to digital payments that remains significantly ahead of more developed economies." The firm added it is aware of macro-economic conditions and growth slowing in some African markets.
Network expects high teens constant currency revenue growth for 2023, with year-on-year growth set to be higher relative to the first half.
Further, it anticipates 2023 earnings before interest, tax, depreciation and amortisation margin slightly ahead of 2022, with margin expansion mainly weighted to the second half.
For 2022, the company reported an underlying Ebitda of USD178.6 million, up 24% from USD143.5 million in 2021. Further, it noted that it anticipates to absorb inflationary impacts.
Its underlying Ebitda margin in 2022 improved to 40.7% in 2022 from 38.3% in 2021.
The firm added that it expects to complete its USD100 million buyback programme during 2023, with USD35 million left.
Network International shares were 5.0% lower at 258.90 pence each in London shortly before midday.
By Tom Budszus, Alliance News reporter
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