Network International revenues up 19% in Q3

Network International Holdings on Wednesday announced a revenue growth of 19 per cent year-on-year in the third quarter, driven by spending recovery in the UAE.

Nandan Mer, CEO of Network International, said: “We have set out our new strategy to accelerate, innovate and drive faster long-term growth. We are making progress already, giving the business strong foundations from which to deliver our medium-term target of 20 per cent-plus revenue growth. I am pleased to see the strength of trading in our UAE merchant business. This is a reflection of our enhanced sales strategies, faster merchant onboarding and new capability launches; as well as improving underling market dynamics. Consumer spending in the region has also continued to improve, supported by the ongoing return of tourism and growing domestic consumer confidence.”

He said market entry to Saudi Arabia is on-track. “We have made significant progress in the build of our technology platform, a pipeline of customer commitments and expect to launch services in early 2022.”

Network International continues to bolster its capabilities in its UAE direct-to-merchant business. The business remains a key strategic priority of the company, it said in a statement on Tuesday.

waheedabbas@khaleejtimes.com