Attijari Payment has reported a sharp rise in banking revenue in the first half of 2026, but its net profit remained almost unchanged. The company’s financial statements also show that its operations consumed cash, while its auditor raised concerns about the lack of formal internal procedures.
The auditor flagged the absence of a formal accounting and organisational procedures manual in a report dated 28 October 2026. The warning comes as the company expands its payment acquiring business.
Fees and commissions from services reached MAD 228.1m at the end of June 2026, compared with MAD 1.68m in the comparative figures published in its financial statements.
But the increase in revenue did not lead to higher profits. Attijari Payment reported a net profit of MAD 11.43m for the first six months of the year, almost identical to the MAD 11.44m recorded in the comparative figures.
The company’s banking operating income stood at MAD 228.37m. However, related expenses reached MAD 209.12m, leaving net banking income of just MAD 19.25m.
In other words, nearly 92% of banking income was absorbed by banking expenses.
The accounts show that the company collected MAD 228.1m in commissions and paid MAD 138m in commissions, leaving a net margin of MAD 90.11m.
A further MAD 68.58m was recorded under miscellaneous banking expenses. The published statements do not provide a more detailed breakdown of these costs.
The company’s revenue structure also changed during the period. Non-banking operating income fell from MAD 128.95m to MAD 71.09m, while banking income increased sharply. The change did not, however, result in higher net profit.
Operating activities use up cash
Attijari Payment’s operating activities consumed MAD 36.02m in cash during the first half of 2026, despite the company reporting a profit.
The cash flow statement shows that other assets increased by MAD 105.32m, partly offset by a MAD 122.38m rise in other liabilities.
The company also spent MAD 162.52m on investments. Most of this went towards intangible assets, including MAD 159.22m classified as other operating intangible assets.
The total investment spending was more than seven times the company’s cash-generating capacity, which stood at MAD 21.33m during the period.
Attijari Payment also received a MAD 165m capital injection, raising its share capital from MAD 35m to MAD 200m. Its total equity reached MAD 330.72m at the end of June.
Despite the injection, the company’s cash balance fell from MAD 146.89m at the start of the year to MAD 113.35m at the end of June, a drop of MAD 33.54m.
Supplier debts increase
The balance sheet shows that other assets rose from MAD 76.37m at the end of December 2025 to MAD 181.69m in June 2026.
Other liabilities also increased, rising from MAD 96.22m to MAD 218.60m.
Amounts owed to suppliers of goods and services accounted for a significant part of the increase. These debts reached MAD 144.31m, compared with MAD 34.59m at the end of December 2025.
The published financial statements do not specify when these payments are due or provide details about the company’s main supplier commitments.
The figures show that Attijari Payment is expanding its payment services business while facing high investment costs and pressure on its operating cash flow.
The auditor’s warning about the absence of formal internal procedures comes as the company undergoes significant changes in its business activity, revenue structure and balance sheet.
