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Network International delivers strong H1 2023 results across Middle East and Africa (MEA) markets

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Network International

Underlying free cash flow was USD 65 million, up 63% y.o.y.; and cash flow from operating activities was USD 107 million, supported by strong underlying business performance

DUBAI, United Arab Emirates, August 15, 2023/APO Group/ — 

First half revenue increased 19% (CCY1) y.o.y. to USD 239 million, supported by a 33% (CCY1) rise in the total value of consumer payments processed by merchant customers (TPV); Underlying EBITDA grew 23% to USD 94 million reflecting strong revenue growth and cost control; Deployed on-soil technology in South Africa, unlocking revenue opportunities and enhancing competitive positioning; Significant new customer wins with eight new financial institution signings including Vodacom Financial Services, a leading MNO in Africa; Good reception for recently launched merchant services in Egypt, having signed over 700 merchants.

Network International Holdings Plc (LSE:NETW) has announced its interim financial results for the half year ended 30 June 2023.

The company reports good H1 2023 results with total revenue growing 19% in constant currency year-on-year (y.o.y.) demonstrating broad-based growth across all regions and business lines, with the total value of consumer payments processed with merchants across the group, including African markets, growing 33% in constant currency y.o.y.  In the Middle East, the value of merchant payments processed from domestic consumers and international visitors grew significantly, increasing 28% and 53% year on year respectively.

Profit for the period was USD 34 million, up 9% y.o.y. Underlying free cash flow was USD 65 million, up 63% y.o.y.; and cash flow from operating activities was USD 107 million, supported by strong underlying business performance. Revenue in Africa represented 28% of the Group’s total revenue across the Middle East and Africa during this period.

Nandan Mer, Chief Executive Officer, commented: “Network saw another good trading period, delivering 19% constant currency revenue growth in the first half of the year. Our performance continues to be supported by the acceleration of digital payments growth across key markets but is also evidence of our successful strategic execution, competitive services and product offering. Performance in our home market of the UAE has been particularly good, where we have seen consistent market share gains in direct-to-merchant services through 2022 and into 2023, supported by our continued focus on high growth strategic areas such as SME, online and hospitality. We have made good progress in new market opportunities, having secured another three new financial institutions in the Kingdom of Saudi Arabia and signed over 700 merchants since our direct-to-merchant service was launched in Egypt earlier this year. Whilst overall Africa performance was slower on the back of tough macro-economic conditions, we have recently deployed on-soil technology capabilities in South Africa, positioning Network to better serve customers locally and providing excellent foundations for future growth. We remain encouraged by performance across the Group and I thank our colleagues for their expertise and delivery of such good results.”

New business remained healthy, especially among financial institutions. Network secured eight new customers across acquirer and issuer processing including Vodacom Financial Services, one of Africa’s most renowned Mobile Network Operators (MNOs) to provide merchant acquirer processing services in South Africa. In addition, it renewed its contract with Polaris Bank, one of Nigeria’s leading retail banks, for another five years. Network also continued to attract a significant number of key account and SME merchants and became the payments partner of choice for the Namibian government, enabling digital payments for e-visas and passport applications.

Capabilities grew with a widening range of payment acceptance methods and Value Added Services. Enhancing its mobile money capabilities in Africa through its partnership with Ecocash, a MNO in Zimbabwe, African merchants can now accept more mobile money payments. New services for financial institutions and credential issuing customers included expanding its N-GeniusTM online platform’s regional footprint. Rolling out the white label online payment solutions to a further four financial institutions for online acquirer processing services, the platform is now live across 26 African countries. The launch of SmartView Merchant reports further expands its insights and analytics proposition in Africa, providing merchants with in-depth actionable information on their business, including sales and transaction performance, dynamic currency conversion and loyalty analysis.

New market opportunities have been unlocked for outsourced payment services. Network deployed its on-soil technology in South Africa, unlocking revenue opportunities and enhancing its competitive positioning by aligning with new regulatory legislations to better serve customers in the region. Its Broad-Based Black Economic Empowerment (B-BBEE) score in South Africa has also improved significantly from level 8 in December 2022 to Level 5 in June 2023, having committed to supporting and enhancing its local workforce.

Network successfully launched direct-to-merchant services in Egypt at the start of the year and has already secured over 700 merchants, including Tradeline, who are Apple’s authorised resellers. 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.

Group Financial Summary (USD‘000)H1 2023H1 2022y.o.y. change
Total revenue239,290205,03216.7% (19% ccy1)
   Merchant Services111,35585,67330.0% (33% ccy1)
   Outsourced Payment Services125,990117,9266.8% (9% ccy1)
   Other revenue1,9451,43335.7%
Underlying EBITDA294,00976,21623.3%
Underlying EBITDA margin239.3%37.2%210bps
Profit for the period34,91631,9979.1%
     Underlying free cash flow265,36439,97563.5%
    Cash flow from operating activities107,19990,60418.3%
      Leverage30.6x0.7x (FY22)(0.1)x

[1] Ccy – 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.

Distributed by APO Group on behalf of Network International.

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

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Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

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South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

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Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

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Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

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Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

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