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Network International Holdings PLC on Thursday reported strong interim results, and reconfirmed its annual outlook after revenue jumped more than 30%.
Shares in the FTSE 250-listed Middle East and Africa-focused payment solutions provider were 11% higher in London on Thursday morning at 222.20 pence each.
In the first half of 2022, pretax profit doubled to $37.3 million from $17.0 million. Underlying net income was up 58% to $34.3 million from $21.8 million.
Revenue jumped 31% to $205.0 million from $156.4 million. By geography, revenue in the Middle East was up 22%, while Africa revenue was up 56%.
Total processed volume was up 44% to $27.2 million from $19.0 million. Total number of credentials hosted was up 4.3% to 17.0 million from 16.3 million.
Total number of transactions rose 30% to 598.3 million from 459.8 million.
‘We are encouraged by the continued progress of our growth strategy, with another strong trading period delivering 31% year on year revenue growth. This is supported by the acceleration of digital payments growth across our markets, successful strategic execution and share gains in our home market of the UAE,’ Chief Executive Nandan Mer said.
‘Our market entry into the Kingdom of Saudi Arabia is progressing well, having recently secured a second new customer this year. We also see an opportunity to return excess cash to shareholders through a share buyback programme, whilst retaining our existing flexibility to take advantage of additional growth opportunities which may arise.’
Looking ahead, it reconfirmed its annual outlook. The firm expects annual revenue growth between 27% to 29%. In 2021, it recorded revenue of $352.2 million.
Mer added: ‘Whilst we remain conscious of rising global macroeconomic and inflationary pressures, we continue to see steady trading in our major markets.’
The firm said it intends to commence a share buyback programme of up to an aggregate purchase price of $100 million.
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