One amongst the topmost payment processing firms across Middle East as well as Northern African territory, the Network International has bounced back with better profit returns during the initial half of 2021, on the brink of robust superior revenues, with the globalized economies still enduring constantly to recover from the backs of Covid-19 Pandemic.
The Chief Executive for the Network International, Nandan Mer, stated out that, “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. We are particularly focused on accelerating growth in our merchant solutions business, which will be supported by a rejuvenated strategic approach and expanded capabilities.”
The firm’s Chief Executive Nandan Mer also firmly stated that the Dubai-backed payment processing firm is in the pursuit to enter within the Saudi Arabia, the following year which is in fact been adjudged as the push towards a better MENA progression.
Network International stated in a statement to the London Stock Exchange, wherein their shares are traded, that the Dubai-backed firm’s cumulative Net Profit for the six-months period finished and reported as of June 30th had elevated to touch a healthy base of $15Million as comparatively to a loss of $936,000 within the same time frame, the preceding year.
The overall revenues within this time frame aroused 16.5 percent to touch up $156.3million.
The topmost Payment Processing major and FinTech’s key player, anticipates out that the cumulative revenues as garnered during this year in 2021, would be slightly on the brighter note and much higher than as in 2019, with the economies enduring to get recovered from otherwise the Pandemic’s lethal grip.
The firm also stated out that, “The incremental revenue will be used to support the future growth of the business, with investment focused on strengthening its market position in the merchant-acquiring business and, in particular, the SME [small and medium enterprise] and e-commerce growth strategies.”
In a swift impetus to develop its reach in the MENA’s territory, Network International is tracking all its initiatives to enter the Kingdom of Saudi Arabia. The firm initiates to commence the operations in the Arab League’s pivotal economy in the initial quarter of subsequent year, with an overall capital investment of $10m, as digital and contactless forms of payment had off lately thrusted up in the kingdom in the wake of the Covid-19 Pandemic.
As per Mr Mer, Network International assumes to overview the revenues getting garnered up to $50m over a five-year period in the Kingdom of Saudi Arabia’s realm.
He also stated out further that, “I am excited about the progress we have made in entering the Kingdom of Saudi Arabia. While borders were closed during the height of the pandemic, we used our time productively and have re-assessed the approach, with much lower capital investment and a faster go-to-market plan.”
Mr Mer also stated out that the firm is back on the track, elsewhere, for acquiring out the African Payments Firm DPO Group within the third quadrant of this year as they are in constant pursuit to overview fresh prospective for nurturing out the further developments.
About the confirmation on the acquisition initiatives, he stated out that; “We are equally mindful of opportunities to grow from [a] buy, build and grow perspective.” He also further added out that, “We are a growth company and we want to accelerate our growth. We’ve got a good jump-off point this first half. We are confident that this momentum will continue for the rest of this year, which will provide us a solid jump-off point looking into 2022 and beyond.”