Network International growth surges 48% in 2007

The company also reported consolidated net profits of Dhs98m, a healthy 60% growth over previous year's Dhs61m.

The chart below depicts the growth of Network International over the past 5 years Releasing the results, Mr. Abdulla Qassem, Chairman, Network International, said: 'This is a proud moment for every team member at Network International. Over the past 5 years, we have worked hard to establish our indisputable dominance over this market through continuous innovation, investment in technology and building robust relationships with our customers. Our true partners in this success. The merger of NBD's acquiring business into Network will create business synergies that will further consolidate Network International's market share - both in this market and beyond'.

Network International's two business streams are third-party cards processing and merchant acquiring.

Under third-party cards processing, Network International undertakes credit and debit cards processing for banks - from issuing the cards to managing end-consumer relationships.

Under merchant acquiring, the company provides end-to-end credit and debit card payment processing facilities for merchants.

In 2007, merchant acquiring revenue rose to Dhs98m - a 58% increase over 2006, due to a corresponding increase in total merchant sales volume in 2007 Vs. 2006.

The graphs below show the trend of growth over the last 5 years in this business stream, matched with a corresponding increase in Merchant base for Network International, over the same period.

Third-party processing revenues also went up to Dhs82m in 2007, a growth of 50% over the previous financial year.

'Today, Network International is truly poised to become a regional industry leader,' said Mr. Abdulla Qassem. 'The company will consolidate on this stellar performance as well as accelerate expansion initiatives already in place in Egypt and elsewhere across the GCC'.

Commenting on the results, Mr. Ramkumar Chari, General Manager, Network International, said:

'With more than 30 local and regional banks currently processing their cards through us and with a merchant acquiring market share of 65% - both in terms of number of merchants and sales volumes - Network International has clearly demonstrated that its strategy of embracing state of the art technologies and world class customer service levels has resulted in win-win partnerships for all our customers'.