The United Arab Emirates, Network International’s home market, has seen great development, with high consumer expenditure thanks to the region’s healthy tourism.
On Thursday, payments company Network International Holdings reported increased half-year revenue and profit, boosted by consistent merchant wins and growth in its outsourced payments services sector.
The United Arab Emirates, Network International’s home market, has seen great development, with high consumer expenditure thanks to the region’s healthy tourism. In addition, the corporation has been increasing its presence in other countries like as Saudi Arabia, Jordan, and Egypt.
It operates in two business divisions: a merchant services segment that provides payment gateways for online merchants and an outsourced payment services division that generates the majority of income from issuer processing.
The FTSE 250 firm, which agreed to be purchased by Canada’s Brookfield Asset Management in June, posted a profit of $34.9 million for the six months ended June 30, up from over $32 million the previous year.
The total income increased by 16.7% to $239.3 million.
Brookfield said it will pay 2.2 billion pounds ($2.80 billion) in cash for Network International as it seeks to develop its payments operations in the Middle East and Africa.
