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Network International Reports Strong H1 2022 Results with Revenue Up 31% and Profit Increasing 113%

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4 years ago

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Network International

Network International’s offering includes acquiring and processing services, and an ever-evolving range of value-added services

DUBAI, United Arab Emirates, August 11, 2022/APO Group/ — 

The company, which operates across Africa and the Middle East, has seen financial outcomes that reflect solid trading and strategic delivery, driving strong cashflow generation; Figures include new financial institution wins and merchant signups; accelerated transaction growth; cross-selling and launching of new value-added services; and new products and capabilities gaining momentum; Customer wins in the Kingdom of Saudi Arabia and direct-to-merchant services underway in Egypt; Consistent growth across Africa with revenue increased by 55.8% y/y to USD 68.5 million; Total Processed Volumes (“TPV”) increased 43% y/y supported by strategic focus on SME and online merchants.

Network International interim results 

Network International reports strong H1 2022 results with total revenue growing 31% y/y demonstrating broad-based growth across all regions and business lines, with Africa growing 21% y/y excluding DPO Group and the Middle East up 22% y/y.

Profit for the period was USD 32.0 million, up 113% y/y. Underlying free cash flow was USD 40.0 million, up 90% y/y; and cash flow from operating activities was USD 90.6 million, supported by strong underlying business performance and higher net profit.

Network International, comprised of a group of companies, is a leading enabler of digital commerce across the Middle East & Africa, providing a full suite of technology enabled payment solutions to merchants and financial institutions of all types and sizes.

Network International’s offering includes acquiring and processing services, and an ever-evolving range of value-added services. In 2021, Network International acquired DPO Group, a leading African digital payments company, in a landmark deal for the African payments landscape.

Network International has offices in Nigeria, South Africa, Kenya, Ghana and Egypt, and client presence across almost all other African countries.

Nandan Mer, Chief Executive Officer, commented:

“We are encouraged by the continued progress of our growth strategy, with another strong trading period delivering 31% y/y revenue growth. This is supported by the acceleration of digital payments growth across our markets, successful strategic execution and share gains in our home market of the UAE. Our market entry into the Kingdom of Saudi Arabia is progressing well, having recently secured a second new customer this year. We also see an opportunity to return excess cash to shareholders through a share buyback programme, whilst retaining our existing flexibility to take advantage of additional growth opportunities which may arise.

Overall, our performance in the first half underpins our outlook and guidance for the year ahead, which is reconfirmed. Whilst we remain conscious of rising global macroeconomic and inflationary pressures, we continue to see steady trading in our major markets.”

New customer wins: continues to develop at record levels

The pace of new Financial Institution (FI) customer wins in Acquirer Processing and Issuer Solutions remains ahead of pre-pandemic levels. Network secured nine new customers in the period, including Money Fellows, Network’s first fintech win in Egypt; Fair Money Digital Bank, one of Nigeria’s premier digital banks; and Alain Finance PJSC, the company’s first non-banking FI customer in the UAE. Network renewed three existing contracts and expanded portfolios with customers through successful cross-selling; including the deployment of N-GeniusTM payment terminals to Access Bank in Botswana, among others. 

Network also saw a record period for new merchant sign ups such as Chanel, Hilton Palm Jumeirah and Landmark Group in the UAE, alongside Talabat and Marriot Amman in Jordan, amongst many others. The focus within the SME space remains successful, with signings doubling year-on-year vs H1 2021, supported by the launch of automated onboarding, low cost ‘Tap on Phone’ payment acceptance and web-store services associated with the ‘DPO Pay’ package. DPO has also rolled out proprietary N-GeniusTM payment terminals to the entire Roads and Transport Authority taxi fleet in Dubai.

Capabilities: a widening revenue pool and increasing customer loyalty through new capabilities

Network provided new services for FIs and credential issuing customers including:

  • Implementing more APIs, accelerating customer onboarding process and simplifying the integration of new capabilities, which is particularly attractive for fintech customers.
  • Providing real time, improved credit-based analysis and approvals to FIs through the Falcon Fraud Prevention solution, in partnership with FICO.
  • Launching Chat banking services to FI customers in Africa with Infobip, enabling real-time customer service chat and push notifications to consumers, whilst supporting Network’s commitment to improving financial inclusion. 
  • Launching the N-GeniusTM Terminal Management System, a web tool enabling FIs to independently manage their merchant customers’ Point-Of-Sale device, in real time.
  • Continuing good progress on initiatives with Mastercard, having onboarded several FIs with 3D Secure 2.0 biometric authentication fraud checking capabilities. Network has also seen ‘Fintech in a box’ gain traction across new markets including Ghana, Nigeria, Egypt, South Africa and Jordan; where it can support the issuance of cards and undertake processing for fintechs.

Whilst we remain conscious of rising global macroeconomic and inflationary pressures, we continue to see steady trading in our major markets

Network has also launched or will be launching value-added services including:

  • Supporting merchants through a dedicated value-added-services team, managing the development of products, partnerships and enhancing go-to-market strategy.   
  • Enabling faster sign up of merchants having launched fully automated digital onboarding.
  • Developing Unified Commerce services by providing a single, centralized view of transactions across online and offline payment channels, as well as enhanced reporting tools and data insights on consumer spending. Network already offers merchants the ability to enable ‘Click and Collect’ payment services and ‘Buy Online, Return in Store’ via its proprietary N-GeniusTM platform. Looking ahead, the company intends to expand these services to include a wider range of cross-channel refunds, such as ‘Buy in-store and refund online’, provide real-time access to consumer transaction data and reporting, real-time fraud screening analytics and additional tools such as merchant cost efficiency reporting.  
  • Launching a fully integrated payments platform tailored to the hospitality industry, in partnership with FreedomPay. The omni-channel platform provides merchants with a unified view of transactions across their entire operation, including front desk reservations, restaurants, bars, theme parks and spas.
  • Launching ‘Foodics Pay’, for SMEs in the food and beverage space, reducing costs for merchants by unifying tasks such as single receipts, daily settlements and chargeback support on a single app. The sector-specific solutions support our strategic focus on SMEs.

DPO: acceleration in trading through the first half, supported by the launch of new capabilities

DPO delivered good growth in the first half of 2022 with Total Processed Volume (TPV) increasing 27% year-on-year (33% in constant FX); whilst revenue increased 23% year-on-year (29% in constant FX). Trading volumes accelerated through the period, with Q2 revenue up 35% year-on-year in constant FX, compared with the Q1 up 22% year-on-year in constant FX.

DPO secured several new key merchants including Dischem Baby City, Europcar and Pernod Ricard. The wins and improving trading performance were supported by marketing channel developments which have accelerated new merchant acquisitions and the introduction of real-time onboarding in 18 countries outside of South Africa. DPO also added new payment methods, rolling out Airtel money in a further three markets and enabling account-to-account payment for all DPO merchants in South Africa and Nigeria.

New markets: customer wins in the Kingdom of Saudi Arabia; direct-to-merchant services in Egypt

Network has signed two additional FIs for Issuer Solutions processing services in the Kingdom of Saudi Arabia. These contracts provide a solid underpin to Network’s revenue target. Full technology deployment on-soil and established connectivities with domestic and international card schemes has been completed.

In Egypt, Network is launching direct-to-merchant payment services focusing on the SME segment during the second half of 2022. The company expects the revenue opportunity to build from 2023 onwards.

Africa: a robust and consistent growth

DPO’s Africa segment operates across 40 countries and contributed 33% of total revenue in the period (H1 2021: 28%). The majority of business activities relate to payment processing on behalf of Financial Institutions across Issuer and Merchant Solutions, and also includes direct-to-merchant services in 21 markets through DPO.

Africa revenue increased by 55.8% y/y to USD 68.5 million (H1 2021: USD 44.0 million), including a USD 15.2 million contribution from DPO. Excluding DPO, revenue growth was 21.1% y/y.

Overall performance in Africa remains robust, with growth consistent between the quarters. Excluding DPO, performance was relatively stronger in Northern and Sub-Saharan Africa than seen in Southern Africa. The region saw continued expansion in all associated KPIs, with particularly strong growth in the number of transactions processed across Issuer Solutions services.   

Contribution for the Africa segment increased 80.0% y/y, to USD 50.2 million (H1 2021: USD 27.9 million), with margins up 980 bps y/y to 73.3% (H1 2021: 63.5%), driven by the inclusion of DPO which has higher contribution margins. Excluding DPO, contribution for Africa increased by 36.4% y/y to USD 38.1 million, with margins of 71.5%, up 800 bps y/y, reflecting the significant revenue growth and inherent operating leverage in the business.

Issuer Solutions revenue: strong growth in Africa

Issuer Solutions represents 50% of total revenue (H1 2021: 55%) and is broadly balanced between the Middle East and Africa regions.

During the first half, revenue increased by 17.5% y/y to USD 101.8 million (H1 2021: USD 86.7 million). Strong growth was seen in both quarters, with trends in KPIs also robust as credentials hosted increased 4.3% y/y and growth in the number of transactions accelerated, up 30.1% y/y. Whilst the performance is reflective of solid trading across all regions, Africa delivered particularly strong growth, supported by an increase in credentials hosted following the onboarding of new customers in the prior year and an improvement in cross-sell. The overall momentum in new business wins, cross-selling and expansion of existing client portfolios remains positive, resulting in revenues from new contracts and renewed card portfolios alongside value added and project-based services.

Merchant Solutions revenue

Merchant Solutions is focused on direct-to-merchant payment services, alongside acquirer processing activities for Financial Institutions. Revenues are predominantly generated in the UAE and Jordan, with the addition of DPO expanding direct-to-merchant presence across Africa.

Revenue for Merchant Solutions, which represents 50% of total revenue (H1 2021: 43%), grew 53.1% y/y to USD 101.8 million (H1 2021: USD 66.5 million).

Excluding DPO, TPV and revenue growth trends were particularly strong in Q1. Domestic TPV was supported by improving consumer confidence and general economic conditions, whilst International TPV was supported by high visitor numbers, Dubai EXPO and sporting events. KPIs remained comfortably ahead of pre-pandemic levels, with domestic TPV up 18% vs. H1 2019 and International TPV up 7% vs. H1 2019.

Revenue growth at DPO improved significantly through the period, where Q1 was impacted by the mix of strategic merchant and gateway volumes. Q2 saw an acceleration, supported by exceptionally strong growth outside of South Africa following a strong recovery from the pandemic, and the launch of new capabilities including automated merchant onboarding. 

Distributed by APO Group on behalf of Network International.

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

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12 hours ago

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October 9, 2026

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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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13 hours ago

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October 9, 2026

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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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18 hours ago

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October 9, 2026

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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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