UAE’s Finablr posts 9.1% rise in first-half group income

The company raised $400m in an initial public offering on the London Stock Exchange earlier this year



United Arab Emirates-based payment solutions business Finablr, which listed in London in May, on Tuesday posted a 9.1 per cent rise in half-year group income, saying earnings were at the upper end of its guidance.

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

The company, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, raised $400m in an initial public offering on the London Stock Exchange 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.”

B2B or Business to Business transactions, and payment technology solutions adjusted income rose 20.5 per cent to $161m in the first half of the year from a year earlier, it said.