UAE-based payment solutions provider, Network International (NETW), is hanging ten on the shores of earnings season as it posts a year-on-year (YoY) revenue growth of 19% for Q3 2021. The company, well-known for offering e-payments infrastructure to its clients, credited its revenue jump to larger wallet share with new clients. The likes of Hugo Boss (BOSS), Mercedes, and Madame Tussauds Dubai have accounts with Network International.
Network International’s earnings are a quick health check for the wider Middle East economy — as vaccinations have ramped up, higher consumer spending has meant more use of e-payment services like the one Network International provides. The volume of payments processed in the UAE and Jordan accounted for 22% of total numbers. Similarly, another financial services firm, Dubai Islamic Bank also saw a 20% increase in Q3 net profits. Guess Network International isn’t the only one grabbing onto the economy’s resurgence.
why it matters
Network’s stock price has been up by 5.7% over the past five days, while the firm’s CEO plans to enter the KSA market in early 2022. With the company already priming itself for the African market as well through earlier acquisitions, future earnings are set for similar results.