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Aug 10 (Reuters) – Payments firm Network International Holdings (NETW.L) posted higher half-year revenue and profit on Thursday, buoyed by steady merchant wins and growth in its outsourced payments services business.
Network International’s home market the United Arab Emirates has clocked strong growth where consumer spending is high due to the region’s robust tourism. The company has also been expanding its footprint in other countries including Saudi Arabia, Jordan and Egypt.
It operates through two business divisions – a merchant services segment that provides payment gateways for online merchants and an outsourced payment services division, where issuer processing brings in the bulk of revenue.
The FTSE 250 (.FTMC) company, which agreed to be acquired by Canada’s Brookfield Asset Management (BAM.TO) in June, reported a profit of $34.9 million for the six months ended June 30, up from about $32 million a year earlier.
Total revenue rose 16.7% to $239.3 million.
Brookfield said it would buy Network International for 2.2 billion pounds ($2.80 billion) in cash, as it looked to expand its payments business in the Middle East and Africa.
($1 = 0.7859 pounds)
Reporting by Eva Mathews in Bengaluru; Editing by Rashmi Aich
Our Standards: The Thomson Reuters Trust Principles.
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