UAE payments giant says observing virus impact after tourism fall

UAE-based payment solutions provider, Network International on Monday said its Middle East business expanded by more than nine percent during 2019 on the back of more transactions and cross-selling. The company said revenues in the Middle East rose 9.2 percent compared to 2018 while its business in Africa grew by more than 20 percent, boosted by new customers. Profit from continuing operations increased by 26.3 percent, reflecting growth across the business and no impairment charge recorded in the current year, a statement said.

Whilst underlying business momentum remains strong, the company warned that the coronavirus is having an impact on global travel and spending patterns. "We have seen some reduction in client transaction volumes in the recent weeks. The full impact remains uncertain and will depend on the length and severity of the effect of the coronavirus on economic activity in our markets, and we will continue to monitor the situation closely," the statement added. Network International also noted that its N-Genius product rollout was progressing well, with over 15,000 point-of-sale units distributed and over 300 online gateway customers in the UAE.

Simon Haslam, CEO, said: "We have achieved strong financial performance during the year... We remain excited by the growth opportunities available to our business through market consolidation, substantial outsourcing contracts, or selective acquisitions.” He added that the company is "excited about the opportunity" in Saudi Arabia, which has the potential over time to generate up to 10 percent of total revenues. The company said it has started to invest in its payments processing capability in the Gulf kingdom.