Connect with us
Anglostratits

Business

Network International Delivers Strong 2023 Revenue growth at 15% y/y and free cashflow growth of 16% y/y

Published

on

Network International

The company’s ongoing focus on the SME segment continues to pay off, delivering significant growth in UAE SME signings, up 20% year on year

Our new market entry and expansion is progressing well with major new client wins in Saudi Arabia and strong interest for our newly launched direct-to-merchant services in Egypt

CAPE TOWN, South Africa, March 29, 2024/APO Group/ — 

Revenue up 15% (CCY[1]) y/y to USD 490 million in 2023, supported by a 30% (CCY[1]) rise in the total value of consumer payments processed by merchant customers (TPV) across the MEA; Very strong performance in the UAE driven by growing consumer confidence and tourism; payments processed at UAE merchants from domestic consumers[5] up 24% y/y and international payments[6] from UAE tourists and visitors up 55% y/y; Significant growth at SME merchants, with UAE SME merchant volumes up 53% y/y; Excellent new business wins, with the addition of major new UAE merchant customers including Talabat, Moncler and additional branches of Carrefour and Lulu; Underlying EBITDA up 13% to USD 200 million reflecting revenue growth and cost discipline; Merchant signups for newly launched direct-to-merchant services in Egypt reached over 2,000. 

 Group Financial Summary (USD‘000)FY 2023FY 2022[7]y/y change
 Total revenue490,132435,53512.5% (15% ccy[1])
 Merchant Services231,942180,51128.5% (31% ccy[1])
 Outsourced Payment Services250,719242,5103.4% (5% ccy[1])
 Other revenue7,47112,514(40.3)%
 Underlying EBITDA[2]200,330177,65312.8%
 Underlying EBITDA margin[2]40.9%40.8%10bps
 Profit for the period66,50779,154(16.0)%
 Underlying free cash flow[2]95,62381,77916.9%
 Cash flow from operating activities181,347119,20252.1%
 Leverage[3]0.6x0.7x(0.1)x

Network International Holdings Plc (LSE:NETW) (“Network” or the “Company”) today announced its financial results for the year ended 31 December 2023. The full Annual Report can be found at https://apo-opa.co/3IXLncr

Nandan Mer, Chief Executive Officer, commented:

“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 high-growth segments such as SME, online and hospitality, enabled by targeted technology investments and industry breadth of payment acceptance. Our new market entry and expansion is progressing well with major new client wins in Saudi Arabia and strong interest for our newly launched direct-to-merchant services in Egypt.”

Strong financial performance

Network delivered revenue of USD 490 million in 2023 up 13% (15% in constant currency) compared to the same period last year, driven by stellar performance from the Middle East, with Merchant Services up 28% (31% in constant currency) and Outsourced Payment Services up 3% (5% in constant currency). The Middle East witnessed significant growth in the value of merchant payments processed from domestic consumers and international visitors, increasing 24% and 55% year on year respectively, reflecting the UAE’s resilient domestic consumer spending and strong influx of tourists in addition to the strength of Network International’s competitive offering. Across the group, which includes African markets, the total value of consumer payments processed with merchants grew 29% (30% in constant currency) year on year, supported by Network International’s strategic focus on the high-growth SME, online and hospitality sectors.

The company’s robust performance despite the challenging macro environment in Africa stemming from a combination of softening economic growth, currency instability and rising inflation, demonstrates Network’s ability to navigate and deliver value in complex market conditions. 

Underlying EBITDA increased 13% to USD 200 million in 2023, compared to the same period last year, with an attractive margin of 41%. This reflects Network’s strong revenue performance and cost control, while it continued investing in its product capabilities and future growth.

Profit for the period was USD 67 million, down 16% 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 USD 96 million, up 17% year on year.

Significant UAE SME signings and strong momentum in KSA

Major merchant sign-ups and strong SME performance:

Network International continued to attract a significant number of key account and SME merchants, with major new wins during the year including Talabat, Moncler and additional branches of Carrefour and Lulu.

The company’s ongoing focus on the SME segment continues to pay off, delivering significant growth in UAE SME signings, up 20% year on year. The company’s success was supported by additional investments in its sales team and the launch of new capabilities including its digital onboarding process and sector-specific solutions.

Financial institution (FI) wins:

Network secured 16 new customers across acquirer and issuer processing. It also continues to rapidly expand its customer base in Saudi Arabia signing six new financial institutions, taking the company’s total processing customers in the Kingdom to 12.

Growth in newly launched direct-to-merchant services in Egypt

Having successfully launched direct-to-merchant services in Egypt at the start of 2023, Network’s offering continues to receive a strong reception, having secured over 2,000 merchants. The entry into direct-to-merchant services in Egypt builds on Network’s already well-established presence as a processing services provider in the country.


[1] Ccy – In Constant currency terms.
[2] This is an Alternative Performance Measure (APM), financial definitions and further details on financial disclosures are available in the company’s regulated RNS on the London Stock Exchange.
[3] Leverage ratio computation and reconciliations are available in the company’s regulated RNS on the London Stock Exchange.
[4] TPV: Total Processed Volumes – the aggregate monetary volume of purchases processed by the Group within its Merchant Services business line.
[5] Domestic TPV represents spending from consumers domiciled in the region.
[6] International TPV represents consumer spending by overseas visitors.
[7] Certain comparative figures have been restated, further details on financial disclosures are available in the company’s regulated RNS on the London Stock Exchange.

Distributed by APO Group on behalf of Network International.

Energy

High-Level Minister Roundup to Headline African Energy Week 2026

Published

on

African Energy Chamber

African Energy Week 2026 will convene ministers from Algeria, Ghana, Senegal, Zambia and Niger to spotlight oil, gas expansion, reforms and investment opportunities continentwide

CAPE TOWN, South Africa, March 13, 2026/APO Group/ –A high-level ministerial roundup will take center stage at this year’s African Energy Week (AEW) 2026 – taking place in Cape Town from 12–16 October –, convening some of the continent’s most influential energy leaders at a defining moment for Africa’s oil, gas and power sectors. As hydrocarbon expansion converges with accelerating energy transition strategies, the gathering is set to spotlight real-time project execution, regulatory reform and cross-border infrastructure that are actively reshaping Africa’s energy future.

 

Confirmed ministers to date include Algeria’s Minister of Energy and Renewable Energies Mourad Adjal, Ghana’s Minister for Energy and Green Transition Dr. John Abdulai Jinapor, Senegal’s Minister of Energy, Petroleum and Mines Birame Soulèye Diop, Zambia’s Minister of Energy Makozo Chikote and Niger’s Minster of Petroleum Hamadou Tinni.

 

Fresh from a March OPEC+ decision to lift output to 977,000 barrels of oil per day (bpd), Algeria enters AEW 2026 amid a $60 billion sector transformation. The country is also advancing a 500-well exploration drive and accelerating its 1.48 GW “Project of the Century” solar rollout. Gas exports to Europe remains central to the country, supported by hydrogen corridor planning and refinery expansion aimed at boosting capacity to 50 million tons by 2029.

 

Following license extension for Jubilee and TEN to 2040 and the late-2025 restart of the Tema Oil Refinery, Ghana is pushing a $3.5 billion upstream reinvestment plan while settling $500 million in gas arrears. A 1,200 MW state thermal plant and expanded gas processing at Atuabo anchor its gas-to-power shift, alongside a renewed upstream push in the Voltaian Basin.

The participation of these distinguished ministers underscores the scale of opportunity unfolding across Africa’s energy landscape and the urgency of aligning policy with capital

 

Senegal’s delegation comes on the back of strong production momentum, with the Sangomar oil field delivering 36.1 million barrels in 2025, outperforming forecasts, while the Greater Tortue Ahmeyim LNG development ramped up to 2.9 million tons per annum following first gas. Dakar is now prioritizing domestic gas through refinery upgrades at the SAR refinery and preparations for Sangomar Phase 2 to push output beyond 100,000 bpd.

 

Zambia is redefining its power mix after drought-induced hydro shortfalls. New solar capacity – including the 200 MW Chisamba expansion and 136 MW Itimpi Phase 2 – is part of a broader 2,500 MW diversification drive. Cabinet has approved major regional fuel pipelines, while the Energy Single Licensing System fast-tracks approvals. Lusaka targets 10 GW generation by 2030, with solar and wind rising to one-third of supply.

Niger’s presence reflects its emergence as a serious oil exporter, with the fully operational 1,950-km Niger-Benin pipeline now moving up to 90,000 bpd to international markets. Alongside uranium expansion and renewed cooperation with Algeria on upstream assets, Niamey is advancing digital oversight reforms and reinforcing energy sovereignty amid evolving geopolitical dynamics.

 

“The participation of these distinguished ministers underscores the scale of opportunity unfolding across Africa’s energy landscape and the urgency of aligning policy with capital,” says NJ Ayuk, Executive Chairman, African Energy Chamber. “Their leadership reflects a continent moving decisively from strategy to execution, creating a platform where investors can engage directly with the policymakers shaping Africa’s next wave of oil, gas and energy growth.”

 

At AEW 2026, this ministerial cohort will be well-positioned to offer investors direct insight into Africa’s most dynamic energy markets – where new barrels, new pipelines and new megawatts are reshaping regional growth trajectories in real time.

Distributed by APO Group on behalf of African Energy Chamber.

Continue Reading

Business

Enlit Africa 2026 Programme: 280+ speakers, African nuclear 2.0, Bruce Whitfield Business Breakfast

Published

on

Enlit Africa

The event, taking place 19-21 May 2026 at the Cape Town International Convention Centre, expects 7,200+ attendees and 250+ exhibitors, making it Africa’s largest gathering of energy and water professionals

CAPE TOWN, South Africa, March 12, 2026/APO Group/ –Enlit Africa (https://apo-opa.co/4cEX08g) has released its full 2026 conference programme, featuring 280+ speakers across 8 specialised tracks including a new African Nuclear 2.0 session covering Koeberg’s 20-year life extension and Ghana’s nuclear vendor selection process.

 

The event, taking place 19-21 May 2026 at the Cape Town International Convention Centre, expects 7,200+ attendees and 250+ exhibitors, making it Africa’s largest gathering of energy and water professionals.

Award-winning business journalist and best-selling author Bruce Whitfield will deliver the opening address at the Project & Investment Network Business Breakfast on 19 May, kicking off three days of strategic sessions, deal-making platforms, and technical masterclasses.

New programme content includes:

African Nuclear 2.0 – A dedicated session examining the transition from planning to execution, featuring:

Koeberg Nuclear Power Station’s successful 20-year life extension (Units 1 and 2 now licensed until 2044/2045)

Ghana’s progression to Phase 3 of its nuclear programme, evaluating US, Chinese, and Russian technology bids

West African Power Pool‘s 10 GW regional nuclear capacity target

Small Modular Reactor (SMR) deployment readiness across African grids

Independent Transmission Projects (ITP) – A new session exploring how private investment is unlocking Africa’s transmission bottleneck, featuring global case studies from India’s PowerGrid and lessons for scaling grid capacity across the continent.

Generation Masterclasses – Five interactive roundtables on gas-to-power, nuclear, hydro power, clean coal, and hydrogen.

AI in Africa’s Power Grid – Examining practical deployment realities, real-time analytics, and predictive maintenance applications already in operation across African utilities.

Conference sessions and technical hub sessions on the expo floor are CPD-accredited by the South African Institute of Electrical Engineers (SAIEE) and the South African Institution of Civil Engineering (SAICE).

Co-located platforms:

Water Security Africa features country playbooks from Namibia (55-year potable reuse programme), Uganda (NRW reduction from 42% to 32%), Cape Town (Day Zero recovery strategies), and sector-specific stewardship sessions with Harmony Gold, Heineken, Mediclinic, and Growthpoint Properties.

Project & Investment Network (P&IN), part of the new Level 2 Executive Experience, connects project developers, investors, African utility CEOs, and DFIs through structured matchmaking, ministerial dialogues, and project briefings. Over the past two years, P&IN has facilitated $3 billion in project pitches.

Utility CEO Forum brings together 35+ confirmed utility CEOs under Chatham House Rule for candid, off-the-record strategic discussions on unbundling, prosumer management, and financial sustainability.

Municipal Forum addresses South African municipalities’ distribution, metering, and revenue challenges, including sessions on NRW management, tariff reform, Cost of Supply studies, and electrifying informal settlements.

Technical Hub sessions on the exhibition floor offer free, CPD-accredited training across Power, Renewable Energy & Storage, and Water tracks, with confirmed speakers from Eskom, ENGIE SA, ACTOM, National Transmission Company South Africa (NTCSA), RenEnergy, and Matla Energy.

Site visits on 22 May include Koeberg Nuclear Power Station and the V&A Waterfront desalination plant.

Pass options:
Free expo pass registration: https://apo-opa.co/4bl2bYu

Free expo passes provide access to 250+ exhibitors and CPD-accredited Technical Hub sessions.

Delegate Pass:
Early bird registration closes 3 April 2026. Delegate passes start at R15,100 (Silver), with P&IN Executive passes at R32,000 including access to the Bruce Whitfield breakfast, Level 2 executive lounge, and investor matchmaking.

Download the full programme: https://apo-opa.co/3NwCble

Register: https://apo-opa.co/4cEX08g

Distributed by APO Group on behalf of VUKA Group.

Continue Reading

Business

Binance Secures Second Major Legal Victory in U.S. Court Under Anti-Terrorism Act in Two Weeks

Published

on

Binance

US Federal Court in Alabama Dismisses All Claims Against Binance in Latest Lawsuit Victory

JOHANNESBURG, South Africa, March 12, 2026/APO Group/ –Binance (www.Binance.com), the world’s largest cryptocurrency exchange, announced today that a U.S. federal court in Alabama has dismissed all claims against the company in a lawsuit alleging violations of the Anti-Terrorism Act (ATA). This marks Binance’s second major legal victory in an  ATA matter within one week, following their victory in the Southern District of New York.

A Full and Complete Legal Victory

In a detailed 19-page ruling, the Court found the plaintiffs’ complaint to be legally and factually deficient. The court’s decision to dismiss every claim across the board represents a decisive legal victory for Binance.

Sanctions compliance and terrorism financing are serious matters of law – they require evidence, legal rigour, and due process

The judge described the filing as a “shotgun pleading.” The complaint failed to clearly specify the claims and improperly grouped all defendants together without distinguishing individual conduct or liability. The ruling also emphasized that the plaintiffs did not meet the basic pleading standard to provide a “short and plain statement” of their claims.

Following the ruling, the court granted the plaintiffs until April 10, 2026, to file an amended complaint addressing the deficiencies identified. However, the judge warned that failure to adequately address these issues would result in dismissal of the entire case.

Building on Momentum and Upholding Legal Integrity

“This decision reinforces our unwavering commitment to protecting Binance and our community from unsubstantiated and bad-faith lawsuits,” shared Eleanor Hughes, General Counsel at Binance. “Sanctions compliance and terrorism financing are serious matters of law – they require evidence, legal rigour, and due process. Courts have now examined these claims on two separate occasions and found them to be without merit. These outcomes speak for themselves. We will not tolerate attempts to misuse the legal system to target our industry, and we remain as committed as ever to transparency, security, and lawful conduct in everything we do”.

This latest decision follows closely on the heels of Binance’s comprehensive victory in New York (https://apo-opa.co/46Xg0ev), where the Court similarly rejected allegations that the company assisted, participated in, or conspired with terrorists. Together, these rulings reflect Binance’s strong resolve to protect its platform and community.

Binance has consistently invested in industry-leading compliance infrastructure, regulatory engagement, and legal governance. The company will continue to vigorously defend itself against any attempts to bring unfounded claims or misrepresent its operations.

Distributed by APO Group on behalf of Binance.

Continue Reading

Trending