Network International revenues rise as it picks up new Saudi contracts

Network International reported earnings of $298 million last year, boosted by better-than-expected performance in Saudi Arabia. (Shutterstock)
Updated 16 August 2019

Network International revenues rise as it picks up new Saudi contracts

  • Last year it processed some $40 billion in payments for more than 65,000 merchants

LONDON: Network International, the UAE-based payments provider, reported strong Middle East revenues helped by a better than expected performance in Saudi Arabia.
The company, which listed its shares on the London Stock Exchange in April, said overall revenues grew 12.4 percent to $152.35 million in the six months ending June 30 compared to the year earlier period.
“The group sees opportunities for acceleration through deeper geographic penetration into key markets, particularly in Saudi Arabia where it has already acquired a commercial license and offices,” said CEO Simon Haslam.
Network International said that customer momentum “remained strong,” with several customers including Emirates NBD and Emirates Islamic renewing contracts, and the signing of new customers in the Kingdom.
Middle East revenues, which contributed almost three quarters of total revenues, increased 9.3 percent year-on-year to $111.5 million as it benefited from the structural shift from cash to digital payments across the region.
The payment processor reported earnings of $298 million last year according to its website, up from $262 million a year earlier.
Last year it processed some $40 billion in payments for more than 65,000 merchants.


Saudi finance minister reassures public on taxes

Updated 10 December 2019

Saudi finance minister reassures public on taxes

  • Mohammed Al-Jadaan: There will be no more fees and taxes until after the financial, economic and social impacts have been considered carefully
  • The government expects to generate about SR203 billion in taxes this year – more than 20.5 percent higher than the previous year

RIYADH: Saudi finance minister Mohammed Al-Jadaan pledged that there would be no more taxes or fees introduced in the Kingdom until the social and economic impact of such a move had been fully reviewed.

He was speaking at the 2020 Budget Meeting Sessions, organized by the Ministry of Finance and held in Riyadh on Tuesday, where a number of ministers and senior officials gathered following the publication of the budget on Monday evening.

“There will be no more fees and taxes until after the financial, economic and social impacts have been considered carefully, especially in terms of economic competitiveness,” said Al-Jadaan.

The government expects to generate about SR203 billion in taxes this year – more than 20.5 percent higher than the previous year and more than 10 percent higher than the expected budget for this year. 

Most of that increase has come from taxes on goods and services which rose substantially as a result of the improvement in economic activity over the year.

The reassurances from the minister come as the Saudi budget deficit is estimated to widen to about SR187 billion, next year, or about 6.4 percent of GDP.