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

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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.

Business

Aurionpro expands its multi-country transaction banking engagement with Diamond Trust Bank (DTB)

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Aurionpro

Aurionpro’s upgraded iCashpro platform for DTB delivers a unified digital experience across payments, trade, virtual accounts, and real-time reporting, enhancing straight-through processing, visibility, and control for both the bank and its corporate customers

MUMBAI, India, April 30, 2026/APO Group/ –Aurionpro Solutions Limited (www.AurionPro.com) (BSE: 532668 | NSE: AURIONPRO)a global leader in banking technology, announced the expansion and upgrade of its transaction banking engagement with Diamond Trust Bank (DTB), to modernize and enhance the bank’s corporate transaction banking capabilities across multiple countries.

Download Document: https://apo-opa.co/4edHUaC

This multi-country transaction banking upgrade covering Kenya, Uganda, and Tanzania aligns with DTB’s intent to enhance customer experience, streamline operations, and support growing transaction volumes as it expands its regional corporate banking footprint. DTB continues to focus on building a more agile, ‘digital-first’ banking experience, particularly around payments for its corporate customers across Africa, and is now well positioned to scale these capabilities. As part of its broader transformation agenda, the bank has been steadily investing in platforms that enhance scale, reliability, and service consistency across markets.

Through this partnership, we are proud to lead the next era of transformation in transaction banking, helping DTB enhance operational agility

Aurionpro’s upgraded iCashpro platform for DTB delivers a unified digital experience across payments, trade, virtual accounts, and real-time reporting, enhancing straight-through processing, visibility, and control for both the bank and its corporate customers. By enabling DTB to standardize and scale its transaction banking operations across countries, the platform ensures consistent service levels, stronger control, and improved efficiency. It also supports enhanced user experience, advanced security, and the flexibility to introduce new features as DTB expands its regional transaction banking footprint.

Murali Natarajan (https://apo-opa.co/48trPdk), Managing Director & CEO, DTB Kenya   commented: “We are delighted to strengthen and broaden our partnership with Aurionpro Solutions as part of DTB’s ongoing digital transformation journey across multiple markets. Our focus on innovation, operational excellence, and customer-centricity continues to guide our technology investments. This upgrade strengthens our transaction banking capabilities, enabling us to deliver greater value to our customers through robust digital channels and seamlessly integrated experiences.”

Ashish Rai, Group CEO, Aurionpro Solutions, commented: “We are pleased to deepen our multi-country engagement with Diamond Trust Bank and support the next phase of its transaction banking modernization. As DTB continues to scale across markets, platform resilience and consistency become paramount. Through this partnership, we are proud to lead the next era of transformation in transaction banking, helping DTB enhance operational agility, deliver superior experiences to corporate customers, and create long-term value across geographies.”

He added, “Aurionpro’s iCashpro lays a strong digital foundation for transaction & wholesale banks across the globe to grow their corporate and SME client portfolio today, while creating a clear roadmap for next- generation capabilities in AI-driven insights, advanced automation and API-led connectivity for businesses in Kenya and across Africa.”

Distributed by APO Group on behalf of Aurionpro Solutions Ltd.

 

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Minerals Council Chief Executive Officer (CEO) Joins African Mining Week (AMW) as South Africa Improves Sectorial Investment Climate

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Energy Capital

Minerals Council CEO to share insights on policy, infrastructure and investment trends shaping South Africa’s mining industry

CAPE TOWN, South Africa, April 30, 2026/APO Group/ –The upcoming African Mining Week (AMW) conference will feature Mzila Mthenjane, CEO of the Minerals Council of South Africa, as a speaker. Scheduled for October 14 – 16, 2026 in Cape Town, the event will bring together global investors, policymakers and industry leaders, with Mthenjane’s participation highlighting the council’s commitment to engaging international stakeholders and promoting investment across South Africa’s mining sector.

His participation comes at a critical moment as the Minerals Council works closely with government on finalizing the Mineral Resources Development Bill 2025, a policy framework aimed at strengthening the country’s mining investment climate and the sector’s contribution to GDP. According to the council, the revised legislation will support new investment across the value chain as South Africa seeks to mobilize R2 trillion over the next five years to unlock its critical minerals potential.

The policy reforms come amid shifting production trends in the sector. In 2025, South Africa recorded declines in gold and platinum group metals output of 1.9% and 4.1%, respectively. The new regulatory framework is expected to strengthen public-private partnerships and stimulate investment, enabling South Africa to increase production and capitalize on strong global commodity prices. Increased private sector investments is crucial with South Africa seeking targeting to unlock an estimated R40 trillion in untapped iron ore potential as well as maintain its position as the world’s leading producer of chrome and manganese.

At AMW 2026, Mthenjane is expected to outline these trends, providing insights into how the council is contributing to addressing challenges disrupting the sector. Infrastructure and energy costs remain key concerns for industry players. To support the energy-intensive sector, South Africa approved a 35% reduction in electricity tariffs for major ferrochrome producers, helping stabilize an industry that has faced significant cost pressures after electricity prices surged by roughly 900% since 2008.

Logistics constraints are also a priority area for reform. South Africa’s economy is losing an estimated R1 billion per day due to inefficiencies across rail and port infrastructure. As a result, the government is considering measures supported by the Minerals Council to increase private sector participation in logistics. Planned reforms include rail modernization initiatives targeting 250 million tons of freight capacity by 2029, alongside port upgrades and private operator participation aimed at strengthening mineral exports and improving supply chain efficiency.

Beyond infrastructure and policy reforms, the Minerals Council is advocating for stronger exploration investment to support long-term industry growth.

At AMW, Mthenjane is expected to highlight these developments and outline the steps required to reinforce South Africa’s position in the global minerals supply chain. His insights will offer investors and stakeholders a timely perspective on opportunities within the country’s mining sector.

Distributed by APO Group on behalf of Energy Capital & Power.

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Seychelles Targets Energy Investment Push as Minister Jérémie Joins African Energy Week (AEW) 2026 as a Speaker

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African Energy Chamber

Seychelles energy minister will speak at AEW 2026, positioning her to highlight reforms, renewable projects and investment opportunities as the island nation advances its transition toward a diversified energy system

CAPE TOWN, South Africa, April 29, 2026/APO Group/ –Marie-May Jérémie, Minister of Environment, Climate, Energy and Natural Resources for Seychelles will participate as a speaker at this year’s African Energy Week (AEW) 2026, taking place from October 12–16 in Cape Town. Her participation underscores the country’s growing role in shaping Africa’s small-island energy transition agenda.

Minister Jérémie’s presence at AEW 2026 comes at a critical time as Seychelles accelerates efforts to reduce its heavy reliance on imported fossil fuels. The event provides a platform to attract investment, strengthen policy alignment and showcase bankable projects, positioning the country as a viable destination for private-sector participation in island energy systems.

Seychelles is demonstrating how policy reform and innovation can unlock investment in constrained environments

In May last year, international finance institution the World Bank approved the Renewable Energy Acceleration Program, a seven-year initiative aimed at modernizing the grid and increasing renewable energy penetration to 15% by 2030. The program focuses on unlocking private capital while strengthening transmission infrastructure to accommodate variable renewable energy sources.

Project development is gaining traction in the country, particularly in innovative technologies suited to Seychelles’ land constraints. The 5.8 MW Seysun Lagoon floating solar PV project, developed by independent renewable power producer Qair, is under construction and expected online in 2026.

Alongside renewables, Seychelles continues to pursue upstream opportunities to diversify its economy. The government approved new exploration entrants in 2025 and extended exiting petroleum agreements, while securing an infrastructure partnership with China. Multilateral estimates suggest over $800 million in investment will be required over the next 25 years.

Regulatory reform is central to this transition, with Seychelles introducing an independent power producer framework to open the market to private developers. Standardized power purchase agreements, grid access reforms and strengthened public-private partnership structures are being implemented to improve transparency, reduce risk and accelerate project bankability across solar, storage and emerging wind opportunities.

“Minister Jérémie’s participation highlights the strategic importance of island nations in Africa’s broader energy transition,” says NJ Ayuk, Executive Chairman, African Energy Chamber. “Seychelles is demonstrating how policy reform and innovation can unlock investment in constrained environments. Her insights will be critical to advancing dialogue on resilient, low-carbon energy systems across the continent.”

Distributed by APO Group on behalf of African Energy Chamber.

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