TECHNOLOGY

UAE’s Finablr posts 9.1 percent rise H1 2019 income

Finablr is targeting high single-digit group adjusted income growth in the medium term. (File photo: AFP)

United Arab Emirates-based payment solutions business Finablr, which listed on the London Stock Exchange (LSE) in May, on Tuesday posted a 9.1 percent rise in H1 2019 group income, saying earnings were at the upper end of its guidance.

Finablr reported adjusted group income of $742 million for the period ended June 30, up from $680.5 million in the same period a year earlier.

The company, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, raised $400 million in an initial public offering on the LSE earlier this year. Half of that amount was raised selling new shares.

“Finablr delivered strong results at the upper end of our guidance, with growth in each of our three segments and across our channels and products,” Promoth Manghat, the company's chief executive officer said in a statement.

Finablr is targeting high single-digit group adjusted income growth in the medium term.

“B2B and Payment Technology Solutions, our fastest growing segment and now the single largest contributor to Group EBITDA, enjoyed growth from existing customers and continued pipeline momentum,” added Manghat.

B2B (business-to-business) transactions, and payment technology solutions adjusted income rose 20.5 percent to $161 million in H1 2019 compared to H1 2018.
 

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Last Update: Tuesday, 20 August 2019 KSA 18:12 - GMT 15:12
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