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Network International reports strong strategic progress, delivering 24% revenue growth, profit up over 40% y/y

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Network International

The company’s focus is on the SME segment, where it seeks to replicate its success in the UAE

DUBAI, United Arab Emirates, March 9, 2023/APO Group/ — 

Network International Holdings Plc, preliminary financial results update

Network International (Network) (https://www.Network.ae), the leading enabler of digital commerce across Africa and the Middle East, today announced its preliminary financial results for the year ended 31 December 2022.

The company reported total revenue of USD 438.4 million up 24.5% compared to the previous year led by stellar performance in its Merchant Solutions Services business, which grew its revenue by 41.4% year on year. Consequently, underlying Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased to USD 178.6 million, supporting margin expansion of 240bps to 40.7%, reflecting the company’s largely fixed cost base. Net profit for the year was USD 80.1 million, up 41.6% year on year driven by the company’s robust EBITDA performance.

Network also launched direct-to-merchant payment services in Egypt in January 2023, adding to its thriving Acquirer and Issuer Processing business which serves over 20 FIs. The company’s focus is on the SME segment, where it seeks to replicate its success in the UAE.

The company’s share buyback programme of USD 100 million is expected to complete during 2023. USD 40.6 million was repurchased during 2022, and USD c13 million to year-to-date, with a further USD c47 million to complete.

Nandan Mer, Chief Executive Officer, commented: “We accelerated revenue growth to 24.5% y/y in 2022, having also achieved margin expansion whilst investing in new opportunities. This is the result of our revitalised strategic approach which is creating a more agile and effective business, supported by strong economic growth across our markets and continued acceleration towards digital payments. We delivered several critical initiatives, including our market entry to Saudi Arabia, merchant payment services in Egypt and the launch of commercial payment services. We expanded our suite of value-added services, providing a range of new solutions for merchants and financial institutions; and have doubled the Group’s e-commerce revenues through the integration and growth of DPO Group. We remain excited about the growth potential in Africa and will soon deploy our best of breed technology platform on-soil in a number of countries, enhancing our competitive positioning and unlocking additional revenue pools.

Cash generation was strong, which has supported shareholder returns through the launch of a USD 100 million share buyback programme, whilst retaining our flexibility to take advantage of additional growth or acquisition opportunities.

We thank our colleagues and customers for their support and delivery of such a strong outcome. The year ahead holds many growth opportunities, supported by our scale, capabilities, people and trusted brand.”

Merchant Services growth of 41.4% with record signups

Network’s Merchant Services business significantly increased revenue to USD 183 million in 2022, up 41.4% compared to the previous year.

Africa (DPO Group) proforma TPV increased 29.6% y/y in constant FX. Whilst growth in South Africa was impacted by macroeconomic conditions, growth in markets outside of South Africa remains strong.

Network’s strategic focus areas deliver rapid growth with Online TPV and SME TPV substantially increasing by 39% and 41%, respectively, as Network signed a record number of new merchants, primarily driven by the SME sector. This significant achievement was supported by the launch of digital onboarding, low-cost mobile phone app payment acceptance and the web-store builder associated with its ‘DPO Pay’ package. The company also continues to attract new large merchants, securing Anantara, Taj Tower Hotel Group, Talabat, Audemars Piguet, and Western Union, amongst others.

Outsourced Payment Services growth of 13.3% supported by new customer wins and cross-selling

Network’s Outsourced Payment Services revenue increased 13.3% year on year to USD 243 million in 2022, supported by the addition of 18 new financial institution (FI) clients, with the rollout of new APIs supporting the automation of customer onboarding. The company also renewed six notable existing contracts and expanded portfolios with customers through successful cross-selling. Consequently, transaction volumes increased by 32.1% year on year and credentials managed increased by 8.4%. 

2023 outlook and financial guidance

Network retains a positive outlook for the year with its core markets rapidly transitioning towards digital payments at a pace significantly ahead of more developed economies. The company expects revenue growth in the high teens for 2023 in constant currency, with EBITDA margins slightly ahead of 2022.

Group Financial Summary1

Group Financial Summary (USD‘000)2022 2021y/y change
Total revenue438,371352,24524.5%
      Merchant Services2183,347129,67041.4%
      Outsourced Payment Services242,510214,08213.3%
      Other revenue12,5148,49347.3%
Underlying EBITDA178,603143,47724.5%
Underlying EBITDA margin40.7%38.3%240bps
Profit for the year80,10456,55841.6%
Underlying free cash flow81,92761,90832.3%
Cash flow from operating activities119,20251,656130.8%
Leverage0.7x0.9x(0.2)x

1. Financial definitions and further details on financial disclosures are available in the company’s regulated RNS on the London Stock Exchange.

2. DPO is included within the Merchant Services segment following the acquisition on 28th September 2021, with TPV and revenue not included in the Q1-Q3 2021 base.

Distributed by APO Group on behalf of Network International.

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Nigeria and Senegal Must Follow Ghana and Mozambique Against Exclusionary Practices

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African Energy Chamber

African private sector leaders call for withdrawal from Frontier Energy events that marginalize local talent, championing inclusion, fair contracting and the Alliance model of partnership

JOHANNESBURG, South Africa, April 10, 2026/APO Group/ –The African private sector is raising the alarm over Frontier Energy Network’s policies that systematically exclude African professionals and service providers from meaningful roles in major energy forums. Such exclusionary practices threaten decades of progress in African energy development, including local capacity building, knowledge transfer and economic participation.

Frontier’s approach, framed as a global platform for Africa, is in practice a system that extracts value from the continent while denying Africans the opportunities to lead, participate and benefit. Marginalizing the very people who build, operate and sustain energy projects is not partnership – it is structural exclusion masquerading as opportunity.

African businesses – particularly in Nigeria and Senegal, which drive regional growth – must reassess their participation in platforms that perpetuate these policies. African capital, sponsorship and attendance cannot continue to legitimize forums where local stakeholders are systematically sidelined. Market access must be earned and mutually respected.

Mozambique and Ghana have already set a precedent. In March 2026, Mozambique’s oil and gas industry withdrew from the Africa Energies Summit in London, citing repeated failures by the organizers to improve diversity, transparency and inclusion of Black professionals in leadership, contracting and deal-making roles. In early April 2026, the Ghana Energy Chamber followed suit, formally pulling out of the same summit over discriminatory hiring practices that sidelined African professionals, executives and service providers. These coordinated actions send a clear message: Africa will no longer support platforms that deny its talent the right to lead, contribute and benefit.

Africa will no longer sit quietly while its talent is excluded from opportunities on its own continent

The gold standard for companies to thrive in Africa is robust collaboration with international partners while building local capacity – exemplified by Senegal-based energy services company Alliance Energy. Alliance has advanced African expertise in the sector, notably supporting the launch of the National Institute for Petroleum and Gas in Senegal to train young professionals for leadership roles, while backing diverse energy initiatives across power, solar, gas and wind that strengthen Senegal’s position as a regional energy hub.

This success demonstrates that African companies flourish when local talent, leadership, contracting and workforce development are central to execution, alongside strategic partnerships with the US, UK and Europe. Any entity attempting to operate in Africa without a commitment to hiring or contracting local professionals threatens not only the ecosystem that nurtured companies like Alliance Energy but also the continent’s broader ambition to grow regional capability, ownership and sustainable energy development.

“The message is simple,” says Dr. Ndjuga Dieng, Managing Director of Alliance Energy. “Africa will no longer sit quietly while its talent is excluded from opportunities on its own continent. Nigeria, Senegal and all African nations must follow the lead of Ghana and Mozambique by standing against platforms that discriminate. Protect your people, your companies and your energy future. Inclusion is not optional – it is the foundation of growth.”

African energy markets have historically thrived on collaboration, both within the continent and with international partners. Events such as the Offshore Technology Conference (OTC) and the Invest in African Energy (IAE) Forum exemplify this model, integrating African executives, policymakers and service providers into core programming, deal-making and knowledge transfer.

African stakeholders must prioritize platforms that respect local content, equitable hiring and fair contracting. Strategic withdrawal from exclusionary events is not isolationism – it is a stand for principle, economic logic, and the future of Africa’s energy sector. The continent defines its own trajectory and will engage only with partners that recognize African talent as integral, not optional, to the industry’s future.

The position advanced by Alliance Energy aligns with broader advocacy across the continent, including that of the African Energy Chamber, which has consistently called for stronger local content policies, fair contracting practices and greater inclusion of African professionals across the energy value chain. This alignment underscores a growing consensus among African private sector leaders that sustainable industry growth depends on meaningful participation by local companies and talent, not their exclusion.

Distributed by APO Group on behalf of African Energy Chamber.

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Sheraton Nouakchott marks the entry of Marriott International in Mauritania

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Nouakchott

As Mauritania’s cultural and economic heart, Nouakchott offers visitors a glimpse into the serene beauty and rich heritage that define this remarkable Northwest African nation

We are proud to have brought Marriott International to Mauritania with the opening of Sheraton Nouakchott, the first internationally operated and branded hotel in the country

NOUAKCHOTT, Mauritania, April 10, 2026/APO Group/ –Sheraton Hotels & Resorts, part of Marriott Bonvoy’s (www.Marriott.com) portfolio of more than 30 hotel brands, recently celebrated the opening of Sheraton Nouakchott Hotel (https://apo-opa.co/4t3YGO4), marking the entry of Marriott International into a new territory, Mauritania. Since opening its doors, Sheraton Nouakchott has, positioned itself as a new hub for business, events and leisure in the Mauritanian capital.

 

Nouakchott, the capital of Mauritania, is a coastal city where tradition and modernity meet. Nestled between the vast Sahara and the Atlantic Ocean, it serves as a gateway to the country’s breathtaking natural landscapes, from golden dunes and tranquil oases to rugged coastlines and untouched desert plains. As Mauritania’s cultural and economic heart, Nouakchott offers visitors a glimpse into the serene beauty and rich heritage that define this remarkable Northwest African nation.

Ideally located near iconic landmarks such as the Marché Capitale and the National Museum of Mauritania, as well as Nouakchott’s beaches and fishing port — and just a short distance from the desert — Sheraton Nouakchott offers an ideal base from which to discover the destination.

“We are proud to have brought Marriott International to Mauritania with the opening of Sheraton Nouakchott, the first internationally operated and branded hotel in the country. Since welcoming our first guests, the hotel has quickly established itself as a destination for both travellers and the local community. This milestone underscores our commitment to delivering exceptional hospitality experiences in emerging markets, while celebrating the culture and character of each destination,” said Sandra Schulze‑Potgieter, Vice President, Premium, Select & Midscale Brands, Europe, Middle East & Africa, Marriott International.

Local design inspiration

Traditional crafts, from wood carving to metalwork, are woven throughout the hotel’s materials and furnishings, creating spaces that feel both rooted and refined. Every detail tells a story of local artistry, heritage and place, offering guests an immersive experience inspired by Mauritania’s cultural and natural beauty.

Inspired by the legendary landmarks along the Trans‑Saharan trade route, the hotel’s design blends regional heritage with contemporary elegance. The circular ceiling of Feast restaurant draws inspiration from the Richat Structure, also known as the Eye of Africa. Earthy tones and organic materials reference the dramatic landscapes of the Adrar Mountains, while patterns inspired by Chinguetti and Oualata are reinterpreted throughout guest rooms, public spaces and Bene restaurant.

Meeting spaces echo the stone architecture of Tichitt, one of West Africa’s oldest towns and a historic caravan hub.

Guest rooms and suites with local charm

Sheraton Nouakchott features 200 spacious guest rooms and suites, including two Presidential Suites, combining contemporary comfort with subtle local touches. All rooms are equipped with the latest technology and Sheraton signature amenities, including the iconic Sheraton Sleep Experience.

The Sheraton Club offers Marriott Bonvoy Elite members and Club guests an elevated, all‑day experience, with curated food and beverage offerings, premium amenities, enhanced connectivity and a private environment designed for both productivity and relaxation.

Local flavours meet international influence

The hotel features two restaurants, a Lobby Bar and a Pool Bar. Feast, the all‑day dining restaurant, serves locally inspired and international dishes made with seasonal ingredients. Bene offers an immersive Italian dining experience in a warm, inviting setting. The Lobby Bar provides a relaxed meeting point from morning coffee to evening gatherings, while the Pool Bar offers refreshing drinks and light bites by the outdoor pool.

 

Facilities offering a resort feel in the heart of the city

Despite its central urban location, Sheraton Nouakchott delivers a resort‑like atmosphere, centred around an expansive outdoor pool. Guests can maintain their fitness routines in the fully equipped fitness centre — featuring separate floors for women and men, hammam and sauna — or enjoy the outdoor tennis court. The Sheraton Spa features three treatment rooms, offering a peaceful retreat after a day of exploration or meetings.

Meetings & events curated to perfection

Sheraton Nouakchott offers more than 2,600 square metres of flexible Meetings & Events space, including a Grand Ballroom, a Ballroom and four additional meeting rooms. A signature Sheraton Community Table sits at the heart of the hotel, providing a welcoming space for informal meetings, remote work and collaboration. A dedicated events team ensures seamless delivery from concept to execution.

Gatherings by Sheraton

In line with Sheraton’s global community‑centred approach, Sheraton Nouakchott hosts Gatherings by Sheraton, curated weekly experiences designed around enrichment, renewal and local stories. Guests and locals can take part in Mauritanian mixology sessions using local mint tea and fruits, or storytelling evenings inspired by Saharan traditions.

Distributed by APO Group on behalf of Marriott International, Inc..

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African Energy Chamber (AEC) Supports Perenco Partnership to Advance Industry 4.0 Skills in Central Africa

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African Energy Chamber

The African Energy Chamber welcomes Perenco Cameroon and Perenco Gabon’s partnership with UCAC-ICAM to launch an Industry 4.0 lab, advancing local skills development and strengthening Africa’s industrial future

JOHANNESBURG, South Africa, April 9, 2026/APO Group/ –A new partnership between Perenco Cameroon, Perenco Gabon and the UCAC-ICAM Institute in Douala to establish an Industry 4.0 laboratory marks a significant step toward aligning academic training with the evolving needs of the energy and industrial sectors. The facility will give students access to advanced automation, digital simulation and smart production technologies, helping close the gap between academic learning and the practical, industry-ready skills required across Central Africa’s industrial landscape.

 

As the voice of Africa’s energy sector, the African Energy Chamber (AEC) welcomes the initiative as a scalable model for local content development. By equipping students with Industry 4.0 capabilities, the laboratory directly supports the Chamber’s mandate to ensure greater in-country value creation and workforce participation across Africa’s energy value chain. The initiative also addresses critical skills shortages, enabling operators to increasingly rely on locally trained talent.

 

Developing local skills is fundamental to building a competitive and sustainable energy sector in Africa

The partnership underscores Perenco’s long-term commitment to sustainable development and capacity building in Cameroon and Gabon. Designed as a mini-factory, the UCAC-ICAM laboratory enables students to engage with real-world industrial tools and processes. This hands-on approach will support the development of engineers and technicians capable of contributing to key projects, including operations in the Rio del Rey Basin and infrastructure developments such as the Cap Lopez LNG terminal in Gabon.

 

Students across multiple disciplines will benefit from hands-on exposure to the lab’s advanced technologies. General Engineering students will train using robotic systems and virtual reality simulations, while Computer Science Engineering students will focus on industrial IoT and smart technologies. Process Engineering students will gain experience in automated production systems, and Petroleum program students will develop expertise in energy systems and instrumentation control. Graduates from UCAC-ICAM are being actively recruited by leading companies operating in Douala, reflecting growing demand for locally trained, industry-ready talent.

“Developing local skills is fundamental to building a competitive and sustainable energy sector in Africa,” says NJ Ayuk, Executive Chairman of the AEC. “This partnership demonstrates how industry and academia can work together to create a highly skilled workforce that will drive Africa’s industrialization and energy future. It is exactly the type of initiative needed to ensure Africans play a leading role in developing the continent’s resources.”

The UCAC-ICAM laboratory represents a strategic investment in Africa’s industrial and energy future. By strengthening local capacity, advancing technology adoption and supporting independent operators, the initiative aligns with the AEC’s broader vision of a self-sufficient and globally competitive African energy sector.

Distributed by APO Group on behalf of African Energy Chamber.

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