19th Jan 2023 10:05
(Alliance News) - Network International Holdings PLC on Thursday said revenue rose in the final quarter of 2022, amid growth in the United Arab Emirates and Jordan.
The Middle East and Africa-focused payments provider said that in the three months to December 31, revenue grew 13% from a year prior. For all of 2022, it expects to report revenue growth of 27% to USD438 million from an adjusted revenue total of USD345 million in 2021. That year, unadjusted revenue was USD352.2 million.
Network International said in the fourth quarter, the Merchant Solutions division's direct-to-merchant total processed volume grew 23% annually in the UAE and in Jordan.
The company expects underlying earnings before interest, tax, depreciation and amortisation to be in line with market consensus, growing 25% to USD179 million from USD143.5 million in 2021.
Looking ahead, Network International noted new revenue growth opportunities in Saudi Arabia and Egypt and continued to see high growth outlook going forward, adding that its outlook was "supported by structural market expansion and continued strategic delivery".
The company will release its 2022 results on March 9.
Network International Holdings shares were down 7.3% to 293.20 pence each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
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