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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 controlDeployed on-soil technology in South Africa, unlocking revenue opportunities and enhancing competitive positioningSignificant new customer wins with eight new financial institution signings including Vodacom Financial Services, a leading MNO in AfricaGood 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

Liberia to Preview Next Oil & Gas Licensing Round Strategy at Houston Investor Day

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The Liberia Petroleum Regulatory Authority will host operators, investors and partners in Houston on August 19 to preview future licensing opportunities and showcase the exploration potential of its offshore basins

HOUSTON, United States of America, August 7, 2026/APO Group/ –The Liberia Petroleum Regulatory Authority (LPRA) will present its strategy for the country’s next offshore licensing round at Liberia Investor Day Houston on August 19, bringing together international exploration companies, investors, service providers and energy leaders to discuss the next phase of Liberia’s upstream development.

Hosted in partnership with Energy Capital & Power, the event will provide a platform for the LPRA, led by Director General Hon. Marilyn T. Logan, to outline Liberia’s regulatory framework, investment priorities and plans to attract new participation across the country’s offshore sector. Discussions will focus on upcoming licensing opportunities, exploration prospects and the subsurface data supporting future investment decisions.

Liberia’s offshore sector is entering a new phase of exploration activity, with renewed international participation and a growing pipeline of opportunities. Following the award and ratification of eight Production Sharing Contracts in 2025, Liberia has re-established itself as a frontier exploration destination, with international operators advancing work programs designed to further evaluate the country’s petroleum potential. TotalEnergies is progressing exploration activities that include offshore geochemical surveys, 3D seismic acquisition and seabed mapping, while Oranto Petroleum has also signed contracts to explore Liberia’s offshore.

At the Liberia Investor Day Houston, the LPRA will provide industry stakeholders with insight into the priorities shaping the next licensing round, including the anticipated process, qualification requirements, available acreage and access to technical data. The engagement will give prospective investors a clearer view of Liberia’s exploration landscape and the opportunities emerging across its offshore basins.

The event will also facilitate direct dialogue between LPRA and the global upstream community, connecting companies with policymakers and industry stakeholders involved in shaping Liberia’s next chapter of petroleum development.

As exploration companies continue to seek new frontier opportunities, Liberia Investor Day Houston will highlight the role of regulatory certainty, data availability and strategic partnerships in unlocking long-term investment across Liberia’s offshore sector.

Registration is now open for attendees. Companies interested in Liberia’s emerging offshore opportunities are invited to join LPRA, investors and upstream leaders in Houston for insights into the country’s licensing strategy and exploration outlook. For more information contact info@energycapitalpower.com.

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

 

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Beyond Stabroek: Guyana’s Offshore Basin Attracts New Wave of Exploration Investment

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Etu Energias

As ExxonMobil advances appraisal activity in Stabroek and new operators target frontier acreage, Guyana is attracting global capital and building a diversified offshore portfolio designed to sustain long-term growth

GEORGETOWN, Guyana, August 7, 2026/APO Group/ –Guyana’s transformation into one of the world’s fastest-growing oil producers is entering a new phase, with a growing network of IOCs expanding exploration activity across the country’s offshore basin. Beyond the landmark discoveries that first put Guyana on the global energy map, new drilling campaigns and licensing partnerships are creating a broader exploration ecosystem designed to support long-term production growth.

At the center of this momentum is ExxonMobil’s continued exploration and appraisal activity in the prolific Stabroek Block. The company has submitted a proposal for a 35-well exploration and appraisal drilling campaign, expected to run from 2028 through 2033, pending regulatory approval. The program would build on more than 30 commercial discoveries already made in the block, with drilling activity focused on evaluating new prospects and appraising existing discoveries to support future development opportunities.

Exploration activity is also extending into Guyana’s frontier acreage, with ExxonMobil advancing drilling operations at the deepwater Canje Block. The company has deployed the Noble Stena Carron drillship for exploration activity, highlighting continued industry interest in evaluating Guyana’s underexplored offshore potential beyond the established Stabroek Block.

Guyana’s strong exploration outlook comes as the country’s economy continues to benefit from rapid oil sector expansion, with hydrocarbons expected to remain a key driver of exports, government revenues and economic growth. As production scales up, attracting additional investment across exploration, services and infrastructure will be critical to supporting the next phase of development.

That momentum is being reinforced through partnerships established under Guyana’s 2023 offshore licensing round. A consortium comprising TotalEnergies, QatarEnergy and Petronas is advancing exploration activities in Block S4 under a five-year production sharing agreement signed with the government in late 2025. The award represents one of the first major outcomes of the licensing round and demonstrates continued international confidence in Guyana’s offshore resource potential.

Beyond the largest operators, a diverse group of companies is also expanding activity across Guyana’s offshore basin. Eco Atlantic is advancing exploration at the Orinduik Block; CGX Energy and Frontera Energy are progressing work in the Corentyne Block; Occidental is evaluating opportunities in the Roraima Block; while Ratio Guyana and Cataleya Energy hold interests in the Kaieteur Block. Together, these partnerships are broadening Guyana’s exploration landscape, increasing competition for acreage and creating opportunities for future discoveries.

As Guyana transitions from an emerging producer to a global energy hub, the next challenge will be converting exploration success into sustainable investment, local value creation and regional growth. These opportunities will be explored at Caribbean Energy Week 2027, held under the theme “Unlocking the Caribbean Energy Corridor: Oil, Gas, LNG & Investment for a New Global Hub.” Bringing together governments, IOCs, investors and technology providers, the event will examine how Guyana’s expanding partnerships can accelerate offshore development, strengthen regional energy cooperation and attract the capital needed to support the Caribbean’s evolving energy landscape.

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

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Energy Capital & Power Establishes London Entity, Expanding Global Platform for Energy and Mining Events

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Energy

The move strengthens ECP’s presence in the UK and Europe, and its ability to connect African and South American markets with global investors

LONDON, United Kingdom, August 6, 2026/APO Group/ –International events company Energy Capital & Power (ECP) (www.EnergyCapitalPower.com) has officially established its UK entity in London, marking a milestone in the company’s growth strategy and reinforcing its ability to deliver world-class energy and mining events and campaigns in the UK and Europe.

By establishing a presence in a key hub like London – the pre-eminent energy and mining finance center – ECP actively shapes the global energy conversation. The expansion positions ECP to better serve clients, partners and investors seeking to develop business opportunities between Africa, Europe, the Americas and energy markets worldwide.

Opening our UK company brings ECP closer to key investors in the global energy finance capital

The milestone comes as ECP strengthens its reach through a series of investment platforms that connect global capital to energy and mining projects. These include the Venezuela Energy Week London Showcase on July 30 – with over 300 delegates registered – and the annual Invest in African Energy Forum, held in Paris as the premier event connecting global investors to Africa’s energy transformation.

ECP hosts high level summits and investor conferences in leading energy and minerals producing countries in Africa and South America, including: Venezuela Energy Week; Angola Oil & Gas; MSGBC Oil, Gas & Power; African Mining Week; Libya Energy & Economic Summit; Congo Energy & Investment Forum; South Sudan Oil & Power; and Caribbean Energy Week. The company has hosted investor forums and supported licensing round roadshows in Houston, London and Paris since 2016.

“Opening our UK company brings ECP closer to key investors in the global energy finance capital,” states CEO James Chester. “Having a permanent presence in London further cements our footprint in Europe, enabling us to fulfil our mission to bring minerals and energy investment to diverse global markets.”

With teams located across Africa, Europe and the Americas, ECP has long-facilitated strategic engagement, market intelligence and industry convening, uniting investors with leading energy and mining projects.

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

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