Network International sees 900 per cent profit surge under new CEO
Network International saw profit surge more than 900 per cent last year, under a new Mastercard veteran CEO, as its new business momentum hits record levels.
Profit rocketed to $56.5m in the year to 31 December, from just $5.5m in 2020, according to the payments firm’s latest financial results today.
Network pulled in 17 new customer deals with financial institutions in the 12-month period.
Revenue jumped over 23 per cent to $352m in 2021 from the $284.8m it recorded in 2020, inching five per cent higher than pre-pandemic levels.
The revenue growth was driven by progress in its Middle East and Africa revenues, as the business hailed “significant progress” on its market entry in Saudi Arabia – with lower upfront investment costs than initially expected and stronger projected returns.
Network also secured $143.5m in earnings before interested and tax in the period. Meanwhile, transactions rose nearly a third to $979m, up from $758m in 2020.
CEO Nandan Mer, who stepped to the helm in February last year after over 10 years at Mastercard, 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 per cent revenue growth. Our plans are not limited to organic expansion and we will also continue to evaluate acquisition opportunities on an ongoing basis.”