HPS continued to strengthen its momentum in the second quarter of 2025, posting strong growth despite facing unfavorable currency conditions. Consolidated revenue rose by 22.5% year-over-year to reach 354 million dirhams, though this was weighed down by a negative exchange rate impact of 39 million due to the dollar. Adjusted for currency fluctuations and excluding the effect of the CR2 acquisition, the company’s organic growth came in at a more modest 3.7% on a pro forma basis.
The company’s solid performance is still largely driven by its transition to the SaaS model, which now accounts for nearly three-quarters of total revenue for the first half of the year. As of the end of June, HPS recorded a cumulative turnover of 663 million dirhams—a 14.8% increase year-over-year, and 21.6% growth when adjusted for constant currency.
Payment solutions remain the company’s main growth engine, with revenue in this segment jumping 20.1%. This surge was fueled by a 55% spike in demand for its PowerCARD and BankWorld offerings, as well as a 35% increase in maintenance revenue and a 20% climb in SaaS-related fees. The Switching division also saw a healthy 12% uptick, helped by the rollout of new services like Apple Pay and Google Pay in Morocco, alongside continued investments in technology infrastructure.
One weak spot in the report was the Testing segment, which declined by 18.9%, largely due to ongoing market challenges in France. However, early signs of recovery are beginning to emerge.
HPS invested 70 million dirhams in research and development over the quarter—a slight dip compared to recent years, which were marked by particularly high activity. Current R&D efforts are centered around integrating the BankWorld platform, enhancing the capabilities of existing solutions, and exploring innovations in cloud computing, artificial intelligence, and cybersecurity.
Financially, the group remains on solid footing. Cash reserves rose by 34.7% to 275 million dirhams, while total debt fell to 533 million. Buoyed by its first-half results, HPS has reaffirmed its full-year target of achieving over 20% revenue growth.
