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Network International Holdings PLC on Thursday reported higher profit in the first half of 2023, amid growth in Africa.
The London-based Middle East and Africa-focused payments provider said in the first six months of 2023, pretax profit grew 15% to $43.0 million from $37.3 million a year before.
Revenue climbed 17% to $239.3 million from $205.0 million. The company said that performance in North Africa was weaker relative to the rest of the region due to ‘tough macroeconomic conditions and an increased focus on pricing’ as well as service renewals from some financial institutions. However, it noted good growth across the rest of Africa.
Network International expects its acquisition by Brookfield Asset Management Ltd to complete in the fourth quarter of 2023. The planned acquisition gives Network International an equity valuation of £2.2 billion and values its shares at 400 pence each.
Last week Friday, Network International said requisite majorities voted in favour of the takeover at the court meeting and at the general meeting.
Network International Holdings shares were 0.1% lower at 387.00 pence each on Thursday morning in London.
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