TEL AVIV, March 14 (Reuters) - Online payment service provider SafeCharge International Group posted on Wednesday lower net profit in 2017 despite higher revenue as expenses rose as the company reshaped its customer base to upgrade the quality of revenue.
The company, majority owned by Israeli billionaire Teddy Sagi, earned 15.78 cents per diluted share last year, down from 17.32 cents in 2016. Revenue rose 7 percent to $111.7 million.
The value of transactions rose 19 percent to $9.6 billion, with monthly volume exceeding $1 billion for the first time in December. The company, which had been focused on the gaming industry, has been expanding into new markets, landing accounts such as Nespresso and McDonald’s.
The company expects revenue in 2018 to be in the range of$125-$130 million and adjusted EBITDA of $36-$38 million, up from $33.7 million in 2017.
“During 2018 we will continue to focus and invest further to build our sales teams to accelerate our entry into new markets,” CEO David Avgi said.
It will pay a total dividend of 16.89 cents per share for 2017, up from 16.47 cents in 2016. (Reporting by Tova Cohen Editing by Steven Scheer)