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

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3 years ago

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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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Novum Studio Secures New Funding to Launch Ahoy Project, an AI-Native Enterprise Transformation Platform, Building on Its 20-Million-User Gen Z App Frog

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12 hours ago

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July 24, 2026

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Novum Studio
  • Novum Studio has raised a new round of funding to launch Ahoy Project, its enterprise AI solution, with internal testing scheduled for July 2026.
  • Ahoy Project is positioned as the infrastructure for AI-native enterprise transformation – an AI-native communication platform serving as the underlying system, delivered as an end-to-end tailored solution.
  • The launch expands the company beyond Frog, its Gen Z consumer social app that has reached 20 million users across the U.S. and Europe.
  • Novum Studio said it is applying lessons from operating high-frequency social platforms at scale to workplace communication and knowledge systems.

NEW YORK, USA – Media OutReach Newswire – 24 July 2026 – Novum Studio, the company behind Frog – a Gen Z social app often described as a “new-generation Snapchat” – said it has raised a new round of funding and will use the proceeds to launch Ahoy Project, an AI-native enterprise communication and collaboration platform, with internal testing scheduled for July 2026.

The Novum Studio team at London Tech Week 2025.

Unlike conventional workplace software, Ahoy Project will not be sold as a standalone software subscription, the company said. Novum Studio provides the infrastructure and a full tailored solution for enterprises undergoing AI-native transformation, with the communication platform serving as the underlying system on which that transformation is built.

Founded as a consumer social company, Novum Studio has reached more than 20 million users across the U.S. and Europe. Frog gained traction among younger users through spontaneous, real-time sharing designed around authenticity and low-pressure interaction. The company said its experience building large-scale social “spaces” – where millions of people communicate, form groups and coordinate in real time — directly informs its approach to enterprise collaboration.

The new funding will support the launch and international expansion of the enterprise business as artificial intelligence reshapes how organizations communicate, collaborate and operate, the company said.

Novum Studio was founded by Anna Danyi, who graduated from the London School of Economics and Political Science (LSE) in 2018 and began her career in consulting and technology. Before founding Novum Studio, she built multiple consumer applications and exited through an acquisition. In 2025, Forbes China recognized her among the Top 100 most influential global Chinese figures in AI digital products area.

“We spent years understanding how millions of users communicate online,” Anna Danyi said. “In the AI era, communication itself is becoming intelligent. We believe the next generation of platforms will not only connect people — they will understand workflows, collaboration and organizational behavior.”

From Consumer Social to Enterprise AI

Modern organizations face growing challenges as critical knowledge, decisions and workflows become fragmented across chats, meetings and disconnected tools, the company said. Ahoy Project addresses this as a conversation-driven, AI-native collaboration layer: it captures context from day-to-day communication to build a searchable enterprise knowledge base and support workflow coordination.

Core capabilities include conversation-based knowledge organization, AI-assisted collaboration and workflow support integrated directly into team communication. Because the platform sits at the layer where work is discussed and decided, it can serve as the foundation for a broader AI-native operating model – with Novum Studio designing and delivering the surrounding transformation solution for each enterprise client.

Ahoy (Popeye AI) turns everyday team conversations into a searchable enterprise knowledge base.

A New Direction for Social Technology

Novum Studio said its expansion reflects a broader shift across the technology industry. Platforms such as TikTok and Instagram defined how content was distributed and consumed in the mobile social era; as AI becomes embedded in digital products, the company believes the next stage will center less on feeds and more on intelligent systems that understand communication and coordination.

“We are no longer just building products where people post content,” Anna Danyi said. “We are building systems that understand how humans communicate and operate together.”
 

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Energy

Venezuela Energy Week to Host Houston Industry Showcase, Unlocking United States (U.S.) Commercial Engagement Ahead of October Summit

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15 hours ago

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July 24, 2026

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African Energy Chamber

Ahead of Venezuela Energy Week 2026, U.S. exploration companies, independent operators, oilfield service providers and investors are invited to explore commercial opportunities across Venezuela’s upstream sector at the Houston Industry Showcase next month

HOUSTON, United States of America, July 23, 2026/APO Group/ –Venezuela Energy Week will host an Industry Showcase in Houston on August 18, 2026: a targeted industry roadshow designed to engage U.S. energy stakeholders ahead of the October summit. Held at The Post Oak Hotel, the showcase will convene senior representatives from across the U.S. upstream ecosystem – including exploration and production companies, Texas-based independents, oilfield service companies, engineering and technology firms, commercial banks, private equity firms and family offices – to assess commercial pathways for participation in Venezuela’s energy sector.

 

As Venezuela looks to expand production, U.S. companies remain well positioned to contribute technical expertise, capital and operational capabilities across the upstream value chain. Chevron’s longstanding presence in the country highlights the continued importance of U.S. industry participation, while the scale of Venezuela’s resource base continues to attract interest from major international energy companies, including ExxonMobil and ConocoPhillips. Opportunities extend across exploration, field development, production optimization, infrastructure rehabilitation and digital modernization as Venezuela seeks to strengthen its energy sector.

 

Demand is also expected to grow for oilfield service companies, engineering firms, technology providers and financial institutions that can support upstream investment and project execution. Companies including SLB, Halliburton and Baker Hughes have been identified as potential partners in advancing production optimization and infrastructure rehabilitation, while commercial banks, private equity firms and family offices will play an important role in financing future investment opportunities.

 

Against this backdrop, the Houston Industry Showcase will provide a structured engagement platform at a time when select international operators continue to operate under U.S. Treasury-authorized frameworks, and where policy considerations in the U.S. continue to shape engagement parameters in Venezuela’s energy sector.

 

The event will enable U.S. exploration companies, independent operators, oilfield service providers and investors to assess technical and commercial pathways across exploration, field services, project delivery and broader supply chain opportunities, while supporting early-stage dialogue between international investors and Venezuela-focused stakeholders in a structured commercial environment ahead of the October summit.

 

To register for the Houston Industry Showcase on August 18, visit www.venezuelaenergyweek.com/rsvp-houston. To learn more about delegate, sponsorship and partnership opportunities for the showcase or to secure your place at Venezuela Energy Week 2026 in Caracas this October, contact info@venezuelaenergyweek.com.

 

Supporting Venezuela’s Earthquake Recovery

 

Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.

 

To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela (https://apo-opa.co/4fM0rLr).

 

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

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Business

Africa Trade Gateway Delivers US$5.3-Million Cross-Border Transaction in First Energy Sector Trade in Southern Africa

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15 hours ago

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July 24, 2026

By

Afreximbank

The transaction represents an important milestone for both the participating institu-tions and the ATG ecosystem as it marked Innbucks Microbank’s first completed transaction through the platform and the ATG’s first recorded energy-sector transac-tion in Southern Africa

HARARE, Zimbabwe, July 23, 2026/APO Group/ –A US$5.3-million cross-border fuel (gasoil) trade transaction has been successfully completed with support of the Africa Trade Gateway (ATG), African Export-Import Bank’s (Afreximbank’s) (www.Afreximbank.com) flagship digital trade ecosystem, demonstrating the value and efficacy of the Gateway in powering African trade.

The transaction, which saw Zimbabwean fuel importer Witeva Trading source a gasoil shipment from a leading commodity trader and supplier in Switzerland, with Innbucks Microbank Ltd. participating as the local issuing financial institution and Afreximbank providing confirmation support under agreed trade finance structure, demonstrates how African businesses can leverage one connected ecosystem to identify opportunities, access finance and complete international trade more efficiently.

The ATG made it possible for the commercial opportunity to be connected to the right ecosystem participants, bringing together the buyer, supplier and participating financial institutions to support a successful execution of the transaction.

The transaction represents an important milestone for both the participating institutions and the ATG ecosystem as it marked Innbucks Microbank’s first completed transaction through the platform and the ATG’s first recorded energy-sector transaction in Southern Africa.

This transaction demonstrates the value of bringing African businesses and financial institutions together through one connected trade ecosystem

It also demonstrates how African Businesses can use a single digital ecosystem to identify commercial opportunities, connect with verified counterparties, access trade-finance support and execute cross-border transactions more efficiently.

Peter Olowononi, Director, Regional Operations, Southern Africa, at Afreximbank, said:

“This transaction demonstrates the value of bringing African businesses and financial institutions together through one connected trade ecosystem. By creating a digital ecosystem to expand access to trade finance, Afreximbank is enabling more businesses to participate easily in regional and international trade.”

Emeka Onyia, Director, Digital Business, at Afreximbank, added:

“The Africa Trade Gateway is more than a mere digital platform; it is the ecosystem that helps trade happen. We help businesses discover opportunities, connect with trusted buyers, suppliers and financial institutions, and facilitate the journey from commercial opportunity to completed transactions. Every successful deal strengthens the network, attracts new participants and creates more opportunities for African trade.”

“As more businesses, banks and trade partners join the ecosystem, every successful transaction expands the marketplace, strengthens trust across the network and increases opportunities for future trade,” Mr. Onyia added.

Distributed by APO Group on behalf of Afreximbank.

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