Network International FY profits surge more than 900%

Network International stated profits surged to $56.5m in the year ended 31 December, up from just $5.5m in 2020, as it pulled in 17 new customer deals with financial institutions in the period.

Revenue jumped over 23% to $352.0m in 2021, and also managed to tick ahead 5% when compared to pre-Covid-19 pandemic levels, as a result of improved performances from Middle Eastern and African revenues, with the company pointing to "significant progress" on its market entry in Saudi Arabia.

Network also reported $143.5m in underlying earnings and highlighted that transactions rose nearly a third to $979.0m from $758.0m a year earlier.

Mer said: "I am particularly proud of the accelerated growth we achieved in our UAE merchant business, the successful cross-selling of services to our existing customers from the acquisition of DPO, as well as the progress made in our Saudi Arabia market entry.

"Looking ahead, my focus remains on the delivery of our organic growth strategy, as we work towards our target of 20% revenue growth. Our plans are not limited to organic expansion and we will also continue to evaluate acquisition opportunities on an ongoing basis."

As of 0830 GMT, Network shares had rallied 10.56% to 189.95p.