Confident of meeting full-year expectations on recovery in all markets
Dubai-based payments processor Network International has posted a net profit of $15 million for the first half of 2021, compared with a net loss of $936 million for the same period in 2021.
It had revenues of $156.4 million for H1, up 16.5 percent on year, the company said in a statement on Wednesday.
The London Stock Exchange-listed company said it was confident of meeting full year expectations and now expect total revenues to be slightly higher than those recorded in 2019, before the pandemic began.
The increased net profit was driven by a robust recovery across all its markets, including its core UAE market, it said.
Total processed volume (TPV) increased by 18.5 per cent to $19 billion in H1 2021 compared to the same period last year, with overall trends improving through the half year and international slightly ahead of expectations, it said.
Nandan Mer, Chief Executive Officer, said: “We are seeing a recovery from COVID-19, with the majority of KPIs now ahead of pre-pandemic levels, including the signing of new merchant and bank customers. We are particularly focused on accelerating growth in our Merchant Solutions business, which will be supported by a rejuvenated strategic approach and expanded capabilities."
Outlook for 2021
Given the ongoing recovery, Network International said it now expects to see total revenues slightly higher than those recorded in 2019.
According to the statement from Network International, the incremental revenue will be used to support the future growth of the business, with investment focused on strengthening its market position in the merchant acquiring business, and in particular the SME and e-commerce growth strategies.
Network International's shares are trading 4.4 percent higher at 368.20 pence sterling ($5.1) on the London Stock Exchange at 8 am GMT.
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