Network International posts $13m Q1 profit
Dubai, May 18, 2010
Network International, the largest acquirer in the UAE and the preferred card solutions provider in the region, said its net profit for the first quarter rose four per cent to Dh47 million ($12.7 million).
Announcing the results on Tuesday, Network International chairman Abdulla Qassem said the company's consolidated revenues grew 13 per cent to hit Dh110 million.
“The ongoing strategic expansions have had positive transformations and the dynamic synergies of Network International's capabilities have achieved a strong and efficient platform today from which the sustainable growth phase can be executed with confidence” Qassem stated.
Network International has a subsidiary in Egypt, Network Processing Company (NPC), and two joint ventures namely Obernet in UAE and Sinnad in Bahrain.
The company has continuously invested in its management and technology infrastructure for the future growth and expansion process, he noted.
'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,' Qassem said.
“In line with our commitments we have a consolidated net profit of Dh47 million during this quarter, Network International 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 Ram Chari, CEO of Network International.
Network International’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 Mena region, he added.
Additionally, the company 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, he said.-TradeArabia News Service