2016, a record performance
HPS has recorded a strong 2016 year with a 30.8% increase in revenues at MAD463.6m (vs. +21.6% expected by our model).The total operating revenues increased by 37.4% to nearly MAD486m. This is explained by the strong organic growth (+25.8%) and the start-up of the Switching activity in Morocco from 5 July, 2016 (revenues of only 6 months of business). HPS states that the E-payment activity accounts for 67% of the group’s revenues, followed by Services and Processing activities with respectively 24% and 9%.
AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.
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