Connect with us

Business

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

Published

4 years ago

on

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.

Related Topics:
Continue Reading
Advertisement

Business

Hong Kong outlines strategies for deepening development of the Guangdong-Hong Kong-Macao Greater Bay Area and enhancing green transformation

Published

3 hours ago

on

September 23, 2026

By

HONG KONG SAR – Media OutReach Newswire – 22 September 2026 – Hong Kong’s Chief Executive John Lee announced the First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (HKSAR) (2026-2030) and his fifth Policy Address on September 16, rolling out measures to further sharpen Hong Kong’s edge amid global competition, consolidate development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and promote green transformation.

Initiatives aim to support high-quality development of the GBA, align rules and mechanisms within the region, and promote cross-boundary collaboration.

 




 
 

“The HKSAR Government will continue its efforts in fostering synergistic development of the GBA,” said Mr Lee. “We will strengthen co‑operation in technological innovation, promote ‘hard connectivity’ in infrastructure, foster ‘soft connectivity’ by deepening the alignment of rules and mechanisms, and achieve ‘connectivity of hearts’ among residents of the three places.”

The HKSAR Government will continue to actively participate in the development of the various major co-operation platforms, including Qianhai of Shenzhen, Nansha of Guangzhou, Hengqin of Zhuhai and the Hetao Shenzhen-Hong Kong Co-operation Zone, to promote mutual benefits.

In terms of “hard connectivity” the HKSAR Government will support Nansha in its role as a high‑standard gateway for opening up, including encouraging the trade to participate in Nansha’s infrastructure development.

“To promote the co‑ordinated development of rail transit in Guangdong, Hong Kong and Macao, we are pressing ahead with the Northern Link Project and the Hong Kong‑Shenzhen Western Rail Link (Hung Shui Kiu‑Qianhai), with target commissioning in 2034 and 2035 respectively, to fully connect the rail transit networks of Hong Kong and Shenzhen,” Mr Lee said.

Regarding “soft connectivity”, Mr Lee said the HKSAR Government will set up a Task Force to explore ways to advance the alignment of rules and mechanisms within the GBA.

To achieve “Connectivity of Hearts” among residents across the GBA, Hong Kong will strengthen co-operation between its higher education institutions and those in other GBA cities by establishing cross‑disciplinary partnerships, facilitating scientific research, knowledge transfer, and commercialisation, with a view to promoting high‑level research.

Hong Kong’s Secretary for Constitutional and Mainland Affairs, Janice Tse, noted that the First Five-Year Plan clearly states that Hong Kong will participate in the development of the GBA into an international first‑class bay area and a world‑class city cluster with global influence.

“Hong Kong will forge closer alignment and synergy with the nine GBA cities in Guangdong Province and Macao, making full use of our respective advantages to jointly promote the high-quality development of the GBA,” Miss Tse said.

To foster financial development in the GBA, Hong Kong will continue to capitalise on institutional innovation, financial infrastructure upgrading and enhanced regulatory alignment to encourage the orderly flow of financial elements among GBA cities.

The Hong Kong Exchanges and Clearing Limited’s Core Climate, in collaboration with the Guangzhou Power Exchange Centre, is working towards the pilot trading of national renewable‑energy, green electricity certificates in Hong Kong in 2026.

“On connecting the Chinese Mainland and the world, the HKSAR Government will continue to support green technology development through the HK$400 million (aboutUS$51 million) Green Tech Fund, leveraging Hong Kong’s function as a springboard for green technology and assisting national green technologies and products in going global,” said Hong Kong’sSecretary for Environment and Ecology, Tse Chin-wan. “On the development of hydrogen energy, we have participated in drafting national hydrogen energy standards with a view to helping these standards align with international practice.”

To meet the country’s “dual carbon” targets and fulfil Hong Kong’s commitment to achieving carbon neutrality before 2050, the HKSAR Government steered the establishment of a production base for sustainable aviation fuel (SAF) in Dongguan, leveraging the leading position of Hong Kong enterprises in the international SAF industry.

“By combining technology strengths with industrial foundation, Hong Kong and Guangdong will jointly develop a globally influential green industry,” Mr Lee said.

The HKSAR Government will take forward the construction of an SAF blending facility in Hong Kong to build an end‑to‑end SAF value chain and reduce logistics costs to make SAF prices more competitive. The target is to achieve an SAF consumption ratio of 1% to 3% for flights departing from Hong Kong International Airport in 2030.

Hong Kong’s Five-Year Plan promotes the integrated development of culture, sports, and tourism, to develop the GBA into a cultured bay area.

Under the strategic framework of the Agreement on Strengthening of Sports Cooperation and Promotion of Integrated Development, Hong Kong will deepen co-operation, and strive to co‑organise important regional and international single‑sport events. It will also strengthen cultural exchanges, pass on Cantonese opera and the characteristics of Lingnan culture, and promote the sales and cross‑boundary exhibition of Hong Kong publications.
 




 

Continue Reading

Business

Alamein Africa Forum to bring together key political and business leaders

Published

4 hours ago

on

September 23, 2026

By

The forum is to become the continent’s premier gathering where political power meets entrepreneurial prowess, bridging the established engines of African growth with the new sectors defining its future

CAIRO, Egypt, September 22, 2026/APO Group/ –The inaugural Alamein Africa Forum (https://AlameinForum.com/) will take place from October 2-4 in the historic city of Alamein on Egypt’s Mediterranean coast in parallel with the 2026 African Union mid-year summit.

Established in response to a mandate from the African Union, which called for a permanent African Business Forum to convene biennially in Egypt, the inaugural edition will bring together Heads of State and official delegations as well as some key actors in business and finance.
 




 

The forum is to become the continent’s premier gathering where political power meets entrepreneurial prowess, bridging the established engines of African growth with the new sectors defining its future.

The Alamein Africa Forum will serve as a pan-African platform bringing together the private sector, investment and financial institutions

The Presidents of Algeria, Angola, Burundi, Chad, Equatorial Guinea, Ghana, Libya, Senegal, Somalia, and South Africa are expected in Alamein as well as President Al Sisi, President of the Arab Republic of Egypt who is the host of this year’s AU Mid-Year Summit. Business leaders from across the continent have confirmed their participation including Ralph Mupita, MTN; Idrissa Nassa, Coris Bank; Mohamed El Ketani, Attijariwafa Bank; Hichem Eloumi, Groupe Shakira; Wale Tinubu, Oando; and many more. Aliko Dangote, Africa’s biggest industrialist is also expected to attend, with the organisers hoping to set up a Business Advisory Council to help advance private sector priorities and investment throughout the continent.

Bringing together leaders in politics, business and policy from across the continent, the Alamein Africa Forum will provide a unique opportunity to shape Africa’s growth agenda by aligning policy and investment priorities, mobilising partnerships for implementation and strengthening financing and investment pathways. The private sector must become an integral part of Agenda 2063, the AU’s strategic 50 year masterplan to transform the continent.

Co-organised by the Government of Egypt, Afreximbank, the African Union and AUDA-NEPAD, the Forum brings together Africa’s most influential decision-makers in an unprecedented alliance of public and private sector leadership.

Speaking on the imperative of the summit at a joint press conference by the government of Egypt and Afreximbank on Thursday, September 17 2026, Dr. Badr Abdelatty, Minister of Foreign Affairs, International Cooperation, and Expatriates Abroad said (https://apo-opa.co/4ygiQag): “The Alamein Africa Forum will serve as a pan-African platform bringing together the private sector, investment and financial institutions, and representatives of various productive and service sectors, to strengthen direct links between companies and markets and decision making at the highest level.”

Continuing, he noted that the Alamein Africa Forum is part of a series of high-level African events that Egypt will host in early October, stressing that holding the forum reflects Egypt’s commitment to advancing continental economic cooperation

In his own comments, Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank described (https://apo-opa.co/4ygiQag) the Alamein Africa Forum as a pan-African platform for promoting intra-African trade and investment and connecting the business community and financial institutions with priority projects and investment opportunities in the continent.

Distributed by APO Group on behalf of Alamein Africa Forum.

 




 

Continue Reading

Business

Afreximbank to hold first combined Trade Finance Seminar and Compliance Forum in Gaborone, Botswana

Published

4 hours ago

on

September 23, 2026

By

Organised in partnership with the Botswana Investment and Trade Centre (BITC), the combined programme will take place at the Gaborone International Convention Centre in Botswana from 16 to 18 November 2026

CAIRO, Egypt, September 22, 2026/APO Group/ —

  • Landmark joint programme will connect trade finance and compliance expertise to advance intra-African trade.
  • The Compliance Forum will explore how stronger, more coordinated frameworks can deepen African economic integration and facilitate international trade.
  • The Trade Finance Seminar will bring together leading trade finance practitioners to explore solutions that can strengthen regional value chains, close Africa’s trade finance gap and support AfCFTA implementation.

For the first time, Afreximbank (https://www.Afreximbank.com/) will bring together two of its flagship annual knowledge-sharing and capacity-building programmes – the 2026 Afreximbank Trade Finance Seminar and the Afreximbank Compliance Forum, uniting industry leaders, policymakers and experts to strengthen trade finance, compliance and Africa’s economic transformation.

 




  

Organised in partnership with the Botswana Investment and Trade Centre (BITC), the combined programme will take place at the Gaborone International Convention Centre in Botswana from 16 to 18 November 2026.

The joint Trade Finance Seminar and Compliance Forum will bring together Global Africa’s financial, regulatory, and trade communities to exchange knowledge, share perspectives, and explore how stronger trade finance and compliance frameworks can support trade, investment, industrialisation, and economic integration.

The Factoring Workshop on 19 November will extend the discussions to the role of factoring and other alternative trade finance solutions in supporting businesses and expanding access to finance.

Botswana is proud to partner with Afreximbank to host the Compliance Forum, Trade Finance Seminar and Factoring Workshop

The Afreximbank Trade Finance Seminar 2026 (ATFS2026) will be held under the theme “Trade Financing in the AfCFTA Era: Resilient Value Chains, Infrastructure and Market Integration.” It will examine how trade finance can support the implementation of the African Continental Free Trade Area (AfCFTA), strengthen regional value chains, finance trade-enabling infrastructure and accelerate economic integration across the continent.

Mr Haytham El Maayergi, Executive Vice President, Global Trade Bank at Afreximbank, said: “ATFS2026 comes at a critical time for African trade. The AfCFTA is creating a larger and more integrated market, but its success will depend on our ability to finance the trade, value chains and infrastructure that connect African economies. By bringing together trade finance, compliance and market practitioners, we aim to turn that opportunity into more bankable transactions, stronger regional value chains and increased intra-African trade.”

Mr Keletsositse Olebile, Chief Executive Officer of the Botswana Investment and Trade Centre, said:

“This is an important opportunity for Botswana to welcome delegates from across Africa and beyond while showcasing our country’s warmth and hospitality.

“Botswana is proud to partner with Afreximbank to host the Compliance Forum, Trade Finance Seminar and Factoring Workshop. These events will highlight Botswana’s growing role as a regional trade and investment hub, as well as its commitment to advancing economic development and continental cooperation.”

The Afreximbank Compliance Forum 2026 (ACF2026) will be held under the theme “Better Compliance, Better Trade: Leveraging Compliance to Promote African Regulations that Advance Intra-African Economic and Trade Integration.”

Mr Idrissa Diop, Compliance Director at Afreximbank, said: “Compliance must be recognised not simply as a regulatory obligation, but as an essential enabler of trusted, resilient and sustainable trade.

“Through ACF2026, we aim to bring together the institutions shaping Africa’s financial and trade architecture to identify practical ways of aligning compliance standards, managing emerging risks and reducing unnecessary barriers to intra-African trade and business growth.

Further information about ACF2026 and ATFS2026 and registration can be found on the site https://apo-opa.co/4AsLd6p

Distributed by APO Group on behalf of Afreximbank.

 




 

Continue Reading

Trending

Exit mobile version