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Network posts on-target Q1 trading

Issac John /Dubai
issacjohn@khaleejtimes.com Filed on April 28, 2021


Network International reported on Wednesday a slight one per cent increase in first-quarter revenue, and said that its overall trading during the first quarter was inline with expectations.

The enabler of digital commerce said in a statement that it recorded strong growth in online merchant direct TPV at 55 per cent year on year and 89 per cent compared with Q1 2019.

Nandan Mer, chief executive officer, said that the platform was encouraged by its trading and the momentum of the customer wins, particularly in new partnerships which will help it to drive scale and innovation across the business.

“I have also restructured and expanded our senior management team, aligning responsibilities to better serve customers and appointing country heads to further localise our approach without compromising our high-quality control environment or opportunities for future operational leverage,” said Mer.

He said the focus is to execute against the company’s strategy to drive long-term profitable high growth. “We continue to progress discussions around significant financial institution payment outsourcing mandates, and Saudi Arabia remains a key priority despite the challenges of the temporary border closure.”

He added that the goal is to scale the organisation's presence across markets, innovate to deliver market-leading solutions for customers, and accelerate delivery. “We have clear plans in place and I firmly believe that Network is poised for greater growth.”

issacjohn@khaleejtiems.com

author

Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.





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