Network International revenues jump as Dubai bounces back from pandemic
Digital payments giant Network International reported a jump in revenues in the past year driven by record levels of customer growth and a surge in customer spending in the fourth quarter.
Shares in the London-listed firm jumped over 6 per cent this morning after the company said it expects revenues to top $351m for the full year, ahead of analysts’ expectations of $347m and up 23% on $284.8 million in 2020.
Bosses said Dubai-based Network International had seen rapid growth in merchants using its payments platform, with acquisition hitting record levels every quarter driven by the launch of “digital onboarding”.
Growth was also bolstered by the signing of 17 new financial institution clients and surge in customer spending in the fourth quarter of the year as the UAE rebounded from the pandemic.
International payments in Q4 more than doubled year-on-year, reflecting a rebound in Dubai tourism over the past three months, the company noted.
The firm now anticipates earnings to be ahead of market expectations for the year when it reports results later this month.
Nandan Mer, Chief Executive Officer, said: “There is much to feel positive about, having ended the year strongly.
“We have made excellent progress on successfully refocusing our strategy to drive accelerated growth and innovation.
“The UAE market has seen a significant rebound in consumer spending and international tourism, and it is encouraging to see our merchant business going from strength-to-strength.”
The firm said its performance had been bolstered by “strategic exit of non-core operations” after selling 70% holding in Mercury Payments Services.
Network International is now gearing up for an entry into Saudi Arabia in the first quarter of this year.