Network International backs FY guidance as Q3 revenues rise
Payments processor Network International reiterated its full-year guidance on Wednesday as it posted a jump in third-quarter revenue.
The Dubai-based company said total revenues rose 28% in Q3 versus the same period a year earlier, with merchant solutions revenues 39% higher, supported by strong consumer spending in the UAE.
Network International reiterated its guidance for 2022 revenue growth of between 27% and 29% year-on-year and "modest" EBITDA margin expansion.
The company also said it will be expanding its relationship with Emirates NBD Bank PJSC , one of the Middle East's leading financial institutions, providing merchant acquiring services to Emirates NBD's large corporate banking clients.
Chief executive Nandan Mer said: "During the period we won record levels of new business in the UAE and continued our market entry in Saudi Arabia.
"I am also thrilled to see Network leading the industry with positive licensing updates in the UAE, Egypt, Kenya and Saudi Arabia, whilst continuing to strengthen our relationship with major customer Emirates NBD."