The Dubai-based payments processor said its earnings before interest, taxes, depreciation and amortisation rose 17.2 per cent to $60.4 million in the first half of 2021
 

Network International on Wednesday beat expectations with a 16.5 per cent rise in first-half revenue as its merchant solutions business and main markets continued to recover from the pandemic.

The Dubai-based payments processor said its earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 17.2 per cent to $60.4 million in the first half of 2021 driven by recovery across all markets including the UAE.

The company’s revenue reached $156.4 million with the majority of key performance indicators (KPI) now ahead of pre-pandemic levels.

The results showed stronger-than-expected revenue growth in its merchant solutions business, which provides services and solutions that allow merchants to accept card or digital payments from consumers, Network International said.

“We are seeing a recovery from Covid-19, with the majority of KPIs now ahead of pre-pandemic levels, including the signing of new merchant and bank customers,” CEO Nandan Mer said.

“We are particularly focused on accelerating growth in our merchant solutions business,” he said.

He said the company has made progress in entering Saudi Arabia. “While borders were closed during the height of the pandemic, we used our time productively and have reassessed the approach, with much lower capital investment and a faster go to market plan.”

Mer said the proposed acquisition of DPO is expected to complete in Q3 2021. The company remains confident in meeting full year expectations and now expects total revenues to be slightly higher than those recorded in 2019, he said.

“Leveraging its strong position and reputation as a payments partner in the region, Network International added a record number of new merchants to its roster in both June and July,” the company said in a statement.

Network International continues to see strong demand for its developing data and information products, particularly amongst larger merchants and government clients. It signed an agreement with the Government of Abu Dhabi to support its statistics unit with the provision of historic and forward flow transaction data that will help the Emirate to enhance its understanding of the market and improve economic forecasts. Network International also contracted with Atlantis the Palm to provide regular market share insights on their hotel and restaurants, together with comprehensive performance dashboards.

For merchant customers, Network International has added a number of additional payment acceptance solutions which will help merchants drive additional revenues for their businesses. This includes QR code payments, the ability to accept MIR (Russian) and Rupay (Indian) cards, as well as a currency conversion option on contactless payments, it said.

For financial institution customers, the payments processor firm will be adding a number of new services or capabilities in the months ahead, including the adoption of the latest security protocols that will allow card issuers to introduce biometric authentication for online card payments, said the statement.