Network International Holdings has reported strong results for the half year ended 30 June 2023.
Total revenue grew 19% in constant currency year-on-year (YoY) demonstrating broad-based growth across all regions and business lines, with the total value of consumer payments processed with merchants across the group, including African markets, growing 33% in constant currency YoY. In the Middle East, the value of merchant payments processed from domestic consumers and international visitors grew significantly, increasing 28% and 53% year on year respectively.
Profit for the period was $34-million, up 9 YoY. Underlying free cash flow was $65-million, up 63% YoY; and cash flow from operating activities was $107-million, supported by strong underlying business performance. Revenue in Africa represented 28% of the group’s total revenue across the Middle East and Africa during this period.
Nandan Mer, CEO of Network International, comments: “Network saw another good trading period, delivering 19% constant currency revenue growth in the first half of the year. Our performance continues to be supported by the acceleration of digital payments growth across key markets but is also evidence of our successful strategic execution, competitive services and product offering.
“Performance in our home market of the UAE has been particularly good, where we have seen consistent market share gains in direct-to-merchant services through 2022 and into 2023, supported by our continued focus on high growth strategic areas such as SME, online and hospitality.
“We have made good progress in new market opportunities, having secured another three new financial institutions in the Kingdom of Saudi Arabia and signed over 700 merchants since our direct-to-merchant service was launched in Egypt earlier this year.
“While overall Africa performance was slower on the back of tough macro-economic conditions, we have recently deployed on-soil technology capabilities in South Africa, positioning Network to better serve customers locally and providing excellent foundations for future growth. We remain encouraged by performance across the group and I thank our colleagues for their expertise and delivery of such good results.”