Network International Holdings logs $25mln profits in H1: Egypt

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Network International Holdings Plc achieved a profit of $35 million for the first half (H1) of 2023, rising by 9% year on year (YoY), according to an emailed press release.

The company’s revenue increased by 17% to $239 million in H1 2023.

It also generated solid underlying free cashflow of $65 million during the six-month period ended June 30th, up 64% YoY.

“Our Egypt business continues to deliver robust performance, building on Network's firmly established position as a leading provider of outsourced processing services and our newly launched direct-to-merchant service,” Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing, commented.

“Our extended merchant solutions offering received exceptionally strong demand with more than 700 merchants secured to date, underscoring the dynamism of the digital payments landscape in Egypt and the strength of our expanded offering,” Helal added.

Earlier this year, Network International launched direct-to-merchant services in Egypt, having secured more than 700 merchants, including Tradeline.