UAE - Mubasher: Dubai-based payments processor Network International has achieved net profits of $15.045 million during the first half (H1) of 2021, against net losses of $936,000 in the same period of 2020.
The company generated revenues of $156.382 million in the January-June period of 2021, up 16.5% from $134.206 million in the year-ago period, according to a recent press release.
The underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) rose by 17.2% to $60.372 million in H1-21 from $51.508 million in the corresponding period of the earlier year.
The CEO of Network International, Nandan Mer, commented: "We have yet to see a full recovery in our Merchant Solutions business, which is reflective of our exposure to international spending, more discretionary merchant sectors, as well as competitive dynamics. This provides us with the opportunity to more proactively improve our performance and accelerate growth in this area, which will be supported by a rejuvenated strategic approach and expanded capabilities."