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Network International confirmed that consumer spending in the UAE has fully recovered, exceeding its levels before the Corona pandemic. The company announced a 30% year-on-year growth in revenues for the fourth quarter of 2021, as a result of the improved level of spending in the UAE.
The company said, that 2021 revenues exceed market expectations, with the possibility of core earnings (before calculating interest, taxes, depreciation and amortization) exceeding expectations as well, noting that the quarter represents the strongest quarter of the year in terms of the total volume of direct payments processing at the local and international levels, as it reached higher than its pre-pandemic levels, driven by seasonal activities, major sporting events and Expo 2020 Dubai. Annual growth in the total volume of international direct payments processing more than doubled in the fourth quarter of 2021, with international tourism traffic rebounding over the past three months.
A record number of new commercial contracts were registered in the fourth quarter, which included several hotels such as DoubleTree by Hilton Yas Beach Residence and Courtyard by Marriott – Al Jaddaf area. The company confirmed that it is proceeding with entering the Saudi market according to the desired path with the signing of a new client and the registration of a good set of commitments from potential clients. The newly acquired DPO Group in Africa continued its strong growth, with the total volume of direct payments processing for the fourth quarter of 2021 growing 40% year-over-year and revenue increasing 29%.
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