Network International Achieves AED 47 million in net profit for the first quarter of 2010
Network International, LLC (“NI”), the largest acquirer in the UAE and the preferred card solutions provider in the region has announced its financial results, with consolidated revenues improving for the first quarter (Q1) of 2010 by 13% to AED 110 million, as compared to the same period last year and 35% compared to Q1 2008. This growth in revenue resulted in 4% net profit growth to 47 million in 2010 compared to Q1 2009 of 45 million and 12% growth compared to Q1 2008.
NI has a subsidiary in Egypt, Network Processing Company (NPC), and two joint ventures namely Obernet in UAE and SINNAD in Bahrain
NI has continuously invested in its management and technology infrastructure for the future growth and expansion process. Among them were the state of the art Data centre that provides their business with high level of performance and sustainability aimed towards enhancing processing capability and capacity.
“The on going strategic expansions have had positive transformations and the dynamic synergies of NI’s capabilities have achieved a strong and efficient platform today from which the sustainable growth phase can be executed with confidence” said Mr. Abdulla Qassem, Chairman NI.
“In line with our commitments we have a consolidated net profit of AED 47 million during this quarter, NI has demonstrated its leadership by seizing opportunities for growth through operational excellence - both in terms of acquiring and card processing, resulting in a stellar performance.” said Mr. Ram Chari, CEO, Network International.
NI’s joint venture with Oberthur Technologies called the Oberther Personalization Bureau – in Dubai has brought the world’s most advanced card security and personalization technology to the Middle East and North Africa region. Additionally, NI has another joint venture agreement with Bahrain Electronic Network for Financial Transactions (BENEFIT), called SINNAD which is catering to GCC’s growing demand for globally proven third party card processing practices and solutions, as well as to accelerate the development of the Cards industry across the wider GCC (Qatar, KSA and Bahrain).
NI ensures that innovative services and varied products are introduced continuously in this region parallel to the latest technologies worldwide. The strategic technology partnership with M2 Financials Limited expanded our processing services in terms of pre paid and gift cards. The company recently launched pay in your currency services which allows the merchants to provide the choice of currency to pay with. Additionally, the iVESTOR card which is one of a kind in this world was launched in association with Dubai Financial Markets (DFM) establishing its innovative and futuristic approach to product offerings. NI has proven that its capabilities to deal and offer products to non-financial institutions remains unmatched. Its Company in Egypt has grown from strength to strength and has also acquired the Diners franchise establishing its strong presence there in the untapped market.
Network International remains the region’s largest payment and processing service provider of credit and debit cards, providing merchant acquiring services to more than 10,500 merchants in the region and card processing services to 60 retail and commercial institutions including leading Banks in the region.