Network Int'l revenue surges 12.4% to $335m

Dubai - Network International is looking at growth opportunities through market consolidation.

Network International Holdings reported on Monday revenue growth of 12.4 per cent to $334.9 million as profit from operations surged 26.3 per cent to $59.01 million in 2019.
Simon Haslam, chief executive officer, said the company achieved strong financial performance, delivering on the strategic priorities and guidance set out at the time of IPO.
"We have reported 12.4 per cent revenue and 13.3 per cent underlying Ebitda (earnings before interest, taxes, depreciation and amortization) growth to $172.34 million, maintaining our industry-leading margins. Growth across all business lines remains healthy, enabled by our unique competitive position in our markets," he said.
"Profit from continuing operations increased by 26.3 per cent, reflecting growth across the business and no impairment charge recorded in the current year. Underlying free cashflow was $103.2 million and net cashflow from operating activities was $131.2 million. The board proposes an ordinary dividend of 3.1 cents per share, in line with the policy," the company, a leading payments solutions provider, said in a statement.
Haslam said Network International is looking at growth opportunities through market consolidation, substantial outsourcing contracts, or selective acquisitions. "Such opportunities typically require investment and time to develop but will generate significant incremental returns over the longer term. We have already made excellent progress here, through our Mastercard partnership, and progressing our entry to Saudi Arabia. I look forward to updating shareholders on these initiatives as we move through the year."
This year, the UAE-based company will deploy investment in a phased manner, with a total capital spend of up to $25 million. "This will enable us to serve larger customer mandates from the end of 2021," the company said. - issacjohn@khaleejtimes.com