Network International revenues up 19% in Q3

By Waheed Abbas

Published: Wed 27 Oct 2021, 7:06 PM

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.

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In the UAE, aggregate net profits for Dubai-listed companies moved back into the green, recording a net profit of $1.9 billion in the fourth quarter of 2021, up from a loss of $57.4 million in the 2020 same quarter