Network International Records Impressive Growth in 2023 Amid Expansion in MEA Region
Network International Holdings Plc, a pivotal player in the global payments landscape, unveiled its annual financial outcomes for 2023, marking a period of robust growth and strategic expansion, particularly within the Middle East and Africa (MEA) region.
The company reported a significant 15% increase in revenue, reaching USD 490 million, buoyed by a 30% uptick in the total value of consumer payments processed across the MEA region. The United Arab Emirates (UAE) emerged as a standout performer, with payments from domestic consumers at merchant outlets rising by 24% and international payments by 55% year-on-year, underscoring a surge in consumer confidence and tourism.
Notably, the SME sector in the UAE saw remarkable growth, with merchant volumes expanding by 53%. This growth trajectory was further bolstered by the acquisition of major new merchant customers such as Talabat and Moncler, alongside additional outlets of Carrefour and Lulu.
The company’s underlying EBITDA increased by 13% to USD 200 million, a reflection of both revenue growth and disciplined cost management. However, profit for the year experienced a 16% dip, primarily due to higher operational costs and a more challenging macro-economic environment in parts of Africa.
Despite these challenges, Network International made significant strides in expanding its footprint, particularly with the launch of direct-to-merchant services in Egypt, attracting over 2,000 sign-ups. The company’s strategic focus on high-growth sectors such as SME, online, and hospitality, coupled with targeted technology investments, continues to drive its success across diverse markets.
CEO Nandan Mer highlighted the company’s resilience and strategic advancements, particularly in Saudi Arabia and Egypt, as key drivers of growth. Network International’s performance in 2023 demonstrates its capacity to navigate complex markets while fostering innovation and growth across the digital payment ecosystem.
