Network International revenue grows 13%

Network Internationl, a leading payment solutions provider, delivered revenue of $490 million in 2023, up 13 per cent (15 per cent in constant currency) compared to the same period last year, driven by strong performance from the Middle East.

Merchant services grew 28 per cent (31 per cent in constant currency) and outsourced payment services was up 3 per cent (5 per cent in constant currency). The Middle East witnessed significant growth in the value of merchant payments processed from domestic consumers and international visitors, increasing 24 per cent and 55 per cent year on year respectively.

Across the group, which includes African markets, the total value of consumer payments processed with merchants grew 29 per cent (30 per cent in constant currency) year on year, supported by Network International's strategic focus on the high-growth SME, online and hospitality sectors.

Underlying earnings before interest, tax, depreciation and amortisation (Ebitda) increased 13 per cent to $200 million in 2023, compared to the same period last year, with a margin of 41 per cent. Profit for the period was $67 million, down 16 per cent year on year, impacted by increasing interest rates, higher depreciation and amortisation from increased investments and a higher effective tax rate due to growing profits across Africa. Network generated robust underlying free cash flow of $96 million, up 17 per cent year on year.

Nandan Mer, chief executive officer, said: “Network delivered a robust performance in 2023. Network's revenue in 2023 increased 15% in constant currency, demonstrating the resilience of our business as well as the very strong underlying growth of our home market in the UAE, despite challenging macro-economic conditions in some of our markets across Africa which impacted consumer spending and customer outsourcing. We continued to make strides with our strategic focus on highgrowth segments such as SME, online and hospitality, enabled by targeted technology investments and industry breadth of payment acceptance.”