Attendees, sorry for this delay. We had some challenges to connect this morning or this afternoon. We will today go through the early presentation for the first half of this year. We'll go through a general presentation on where we are as far as the industry is concerned and what are the major trends that we are focusing on. We will then go through the more precise slides with figures. We will be available obviously for all your questions. Your questions could be asked in English or in French, and we will reply and we will translate when need be.
A brief trend or sharing the trends that we are observing and that the industry is moving to. We are very lucky or we are very happy to see that our industry is continuing to grow. The growth in every place of the world. It is more pronounced in the emerging economies than in the mature economies, but it's still growing strongly globally. Even for a deeper dive, we can comfortably expect a very steep growth of this industry.
The way that our ecosystem is looking at this industry and how we are seeing the banks and the processors and our customers looking at it and how they are looking at making more profit and how they want to stay in this business. There are different trends. We are in this ecosystem replying to three of their concerns. The first one is this as a service change that we're seeing all over the place. It is a service, a software as a service. It is platform as a service. We hear now fintech as a service, and we will come to it later.
Because the technology is getting more and more complex and we see only the tip of the iceberg, I think each actor of the industry is getting specialized more and more on what he or she knows doing very well. Everybody that is leaving the technology side that is getting more and more complex. We have seen change in the technology at a pace that have never been seen before. We see cybersecurity issues. We see continuous integration issues. This consumption of the technology as a service is really more and more visible. This is where we are really offering something that could be different.
The other side that remains a bit on the technology side but is on the business model side is that this consuming as a service enables the customers not only to have one supplier but have multiple suppliers and have this composable technology or orchestrated technology where a bank or a processor, where an actor, where a fintech would like to consume a service from the best in class in that specific service. So when it comes to KYC, when it comes to AML, when it comes to transaction security, when it comes to collection, when it comes to card production. We have seen a whole set or whole change of the industry.
We are totally in this with our technology, with our stack that is totally microservice now, that is totally composable and totally cloud. This is something that we have invested on, and we are started seeing the benefit of it. We will come to see it. This delivery, this consumption of technology enables also new business models that before were not enabling some banks or some processors or some fintechs to get into some businesses because the business case does not make it. What we have with this type of technology is not only the consumption, the OpEx versus huge CapEx, but it is also the ability to enable trials. We will try this product and this product and see if this goes long.
This trial also drives us into another way of cooperating and partnering with our customers, is really to innovate together. This is something that we have done in the past with our open innovation initiatives. This is not only an initiative that was a way, but it comes with a technological platform. These different trends and the way we are addressing them, we have identifying several initiatives that are listed here in this slide. Some that are very high priority, which we have worked or we have started already in these initiatives and others that are still in the structuring, not fully in place.
We have divided all these initiatives into three big blocks. The first one is our core business, how we are going to remain relevant in our core business, how we are going to offer what our customers are looking for and what we can preempt and what we can offer in advance to the market. Some of our related to our strategy of proximity to be more and more close to our customer. Even if the world is virtual, I think the proximity from a cultural standpoint, from a language standpoint is very important and we are investing in this. Our business model in the continuation of what we have already done for our SaaS or our services.
This is something in which we are totally invested in and continue to work on those and on the segmentation. We are addressing new segments or not new segments, but segments that we have not been addressing before aggressively. Some have been untapped. We are doing this through the partnerships, through the M&A functions that we have considered to be a strategic move in our company with the building of a team that is in charge only for that. Also on the R&D that is obviously innovation, research, and developments that are in our D&A and in anything.
From a diversification standpoint, we are also looking at diversifying what we have in Morocco is enhancing the offer of the switching in Morocco, but also getting into aspects that were not in our radar before. I'm mentioning here our latest BIN sponsorship agreement with Visa that will enable HPS not only to offer the technology side but offer also all the meaning for a FinTech or for a bank or for any other entity that would like to issue or acquire a Visa card and pay within the Visa world that HPS will give not only the technology but also the access and all the membership complexity that will be hidden by HPS.
On the last point, we continue our version consolidation and also our data center consolidation. This is important to us with our latest acquisitions in Mauritius. We continue making sure that we have enough scale in what we bought in ICPS since it's the same products. We are continuing the consolidation of the versions and also of the data centers, obeying obviously to all the sovereignty issues that we may have. Globally, there is an effort and results in the consolidation of this. We expect with this strategy that is clearly established, shared, and deployed in the organization to get interesting results in the very near future. I'll leave the floor to Brahim.
Thank you, Abdeslam. Good afternoon, everyone. Thank you for attending this conference. Thanks to this strategy that we've started to execute, we have been able again to achieve a very strong performance for this first half. We've achieved growth of 22% of our revenue globally to be very close to 500 million MAD at the end of the first half. We have also been able to increase our EBITDA margin that today or at the end of the first half represent 24% with an amount of 116 million MAD. We have also been able to increase our earnings per share by 83% to be close to 100 MAD per share.
If we look to the performance of each segment. Our business today is driven by three main activities. The first one is around the payment activity. Where we deliver our technology, our software, and our platform on a SaaS or on a licensed model to our customers. We have also the switching activity where we act as national switch in Morocco, and we have the testing activity. All the exercises around the tests that we deliver to some customers in France. On the payment, we continue to have a very strong growth. The payments represent today more or less 80% of the total activity.
At the end of the first half, we have been able to achieve a growth of 35% compared to last year, the first half of last year. On the switching activity also, we continue to have very interesting growth, but a very huge potential also. We will see it later. The growth of switching is linked to the growth of payments or users of cards and mobile in Morocco. After the COVID situation during the two years, we are coming back to a normal situation, and we see in the figures that the growth is here, and will continue for the next years.
On the testing activity, we continue to face some issues in France due to a very tight market, due to some lack of resources, but also to some cost-cutting coming from companies in France. It's something that we try to manage to be able to recover the growth of this activity for the end of the year and beyond 2022. The most important regarding all these figures is really our ability to build a very sustainable business model. If we compare HPS to the very first days of our activities as a company where we started with 100% of our revenue that was non-recurring with a very huge effort to sell new contract to customers on the license model, and 100% of the revenue was non-recurring.
It means that effort every year to rebuild this revenue was huge. Today, we have been able to build a very sustainable revenue based on all the recurring and regular revenue that represents 60-75% of the global revenue. The most important is that all this sustainable revenue, so the recurring and the regular, continue to grow at a very fast pace. If you look to the recurring, so the processing fee increased this year by 66%, or the upselling by 37%. All of this will continue thanks to all the growth drivers that we have on all these business models. If we go into the detail of each segment.
The payment activity has since five to six years an annual average growth around 18%, so a strong growth with this year an acceleration with a growth that is around 35%. This is due to a very dynamic market. After the COVID, we see that the banks and all the financial institutions start to be very dynamic to enhance their platform. They're looking for a very innovative platform and technology to replace their existing solutions. On the license model, we have been able to continue our growth, thanks to the rollout and the deployment of some main projects that we signed in the past.
I recall you that we've signed in 2020 a very large bank worldwide, a tier one bank. We have been able to deploy three countries by the end of this first half. This customer will continue also to drive business in the future, thanks to all the potential that we have. In the outlook regarding this customer, we have received a letter of intent to deploy the credits module and to deploy some new countries on the platform. We have also signed last year a very large bank in Asia. This first half of 2022, we have successfully deployed the first phase of the project.
We have one part of the platform that is live in one country. The project or the deployment of the project will continue over the next four years, driven strong revenue for HPS based on the recognition of the progress of the project. We have also deploy a credit card module for Capitec in South Africa, so it's now live on the platform. We continue to migrate our customers from the previous version of PowerCARD from V2 or V3.2 to V3.5, the latest version, before to have the version four on the market. We saw also that we have a very strong activity in terms of upselling that grow by 48%.
We have signed also in the first half a new contract in Africa with the national switch in Gambia. As we already explained, the national switches are very important references for HPS because we are in the heart of the technology in the country, and our platform and our technology is really the reference of the payments in the region. This reference is very important for us in the country and in the region, and will allow us also to continue to increase our market share in the region and in Africa.
In terms of outlook for the rest of the year, we have received several letters of intent from some customers, and we started some discovery phase also with them. We have received one from this tier one bank to implement the credit card module. We have also received another one by a very large oil company worldwide to implement our platform on 29 countries. This customer is not new. It was a customer managed on a SaaS model by a partner of HPS. Because this platform that we've built became very strategic for the end customer, he decided to have the platform in-house and is now discussing the agreement with HPS to sell to them the license.
Altogether, all this letter of intent that we received during the first half represents potential of new sales in terms of license model that is around MAD 200 million. We expect to concretize all these opportunities by the second half of 2022. On the SaaS model also, we continue to have a very strong activity and sales activity. We deployed in the first half our platform on the cloud, on Amazon Web Services for UNObank in the Philippines. We have signed also first contracts in Saudi Arabia in SaaS. This market is very important, perhaps the largest one in the Middle East.
We started to have some references in Saudi since perhaps two or three years, and this one is really our first SaaS contract in the country. On the existing customers, we have deployed all the countries of Société Générale in Africa on our platform. Today, all the projects of Société Générale is live on our platform. On our internal processes, we have also launched projects to consolidate and to study all the consolidation of our platform and version on the processing platform. The idea behind this is really to optimize all the processes, all the platform, and all the versions to increase our efficiency on the way that we deliver our services for the SaaS.
On the monitoring business, the business that is driven or managed by our company IPRC that we've made the acquisition last year. We have been also able to increase our business in Morocco but also outside Morocco, in Africa and in Europe. This first half, we signed a very important and large contract with the Bank of Africa to manage the monitoring of all their ATM network in Africa. The same on the ATM. Today with Loomis, the business continue to be extended and to be deployed on our platform. Today we have more than 100 ATMs managed by HPS from Morocco for the French and Belgian market for Loomis.
In terms of outlook, we also received several letters of intent on the SaaS model. One of them, very interesting, is our first reference in Australia. It's even for the license model, we don't have to date any customer in the region. It's very interesting for us to start in the region with the SaaS model. We expect to finalize this agreement by this second half. We have also received a letter of intent for one of the largest banks in Canada to deploy our platform on the cloud, on the Amazon cloud, to manage all the business for this bank. We also received another one on the SaaS in Jamaica.
It will be also our first reference there on the SaaS. All together, all this letter of intent that we received and we expect to finalize in the second half will represent a potential of annual processing fee that it will exceed MAD 20 million on an annual basis. On the switching activity, as explained in the beginning, we fully recovered the business after the COVID. Today we can consider that 2022 is a normalized situation compared to 2020 and 2021. We have been able to increase our revenue by 9%.
This growth will probably continue in the future because today the potential of the payments in Morocco is huge, and we will see the figures of the global market and how we see the future of this business. We saw also that, because of the COVID or due to the COVID situation, we had a very strong acceleration on the card payments transaction and also the e-commerce transaction. Because of the lockdowns that we experienced in Morocco, we have these two ways or two means of payment that really accelerate growth during these two years. We see the figures in 2022, the growth exceed 30% for both of them.
On the mobile, we continue to work very closely with the market, with the Central Bank, and also with all the players to accelerate and to make this mobile switching a reality in the country. Today, we have in the market more or less 6 million wallets that are active. The total transactions in dirhams was representing at the end of 2021, more than MAD 1 billion. Today there is a start on the mobile, but we believe that this business and the market needs some structuration and some solidification to accelerate the growth in the future and to become a real means of payment in the country.
We have also, in terms of outlook, some advanced discussions with Visa, to propose, new added-value services on our switching platform. The idea is to propose added-value services to all the banks and all the end users of payments in Morocco. This will help us also to increase and to promote the electronic payments in the country. The most important is really the huge proportion that we have on the card and on the mobile. Today, if we have a look to the figures of the business in the country, we see that we have more or less 18 million cards for 37 million people living in the country. We have less than one card for two people.
We have on average, or we have at the end of 2021, around 1 million transactions of payments. It means that the number of transactions is around six or seven transactions of payment per card per year, which is very low. We have also a lack of equipment in terms of merchants or POS and in terms also of ATMs. All of this will continue to grow, and we'll continue to drive also the growth of the business. Now if we look to how we have been able to increase our revenue. We have reported last year on the first half revenue that was around MAD 390 million. This year at MAD 481 million, that represents global growth around 24%.
If we look to normalize situation, last year we had some write-off in the revenue that was representing MAD 14 million. That means that we had a revenue at the end of first half of last year, adjusted to MAD 378 million. This year, if we exclude all the impact of the exchange rate and of the U.S dollars on our revenue, that represents more or less MAD 30 million. We have an adjusted revenue that is MAD 450 million. We have an adjusted growth that is around 20%, 14% or 15% due to our organic growth, and MAD 19 million that is coming from the acquisition of ICPS. Because last year we have acquired the company in at the end of the first quarter.
If we want to make the comparison between the two periods at the same scope, the growth would be at 15%. In terms of costs, we have been able to maintain the cost at a reasonable level compared to the growth of our activities and our revenue. The main impacts on the costs are coming from the human resources. The growth of the HR cost is coming mainly from the increase of the headcounts, the change of scope due to the integration of ICPS and IPRC. But also to an increase in salary that we've made in September or August of this year to face the inflation in all the countries.
All the impact relating to the first half is in the figures that are presented and reported to the markets. Of course, we have also all the external expenses that increased due to the recovery of the sales efforts after the COVID. We have unfortunately recovered all our travel and expenses for the projects, for the sales activity, et cetera, that explain all the increase of external expenses during the first half of 2022. In terms of EBITDA, we have reported last year an EBITDA of 31%, and this year of 24%.
If you want to compare an adjusted EBITDA based on the exclusion of the U.S. dollar impact on the revenue and on the cost, we have on the revenue an impact, a positive impact on the revenue that is around MAD 30 million, and the negative impact on the cost around MAD 5 million. It means that at the end of the first half of 2022, the adjusted EBITDA compared to last year is around 22% compared to 21%. Just between brackets, it's just a way to show how the evolution of the EBITDA is between last year and this year.
In terms of level of exchange rates between U.S. dollars and Moroccan dirhams, we believe that the situation that we face today or this first half is close to what should be the normal situation compared to last year. We are more close with 24% to a normalized situation than the situation that we had last year. In terms of cost, we continue to invest a lot in the research and development. We have since last six or five years increased our research and development by around 21% every year. Today it represents 14% of the total revenue that is in the cost of our research and development.
Today they are not in the investments, but really in the cost of each year. This effort is mainly this two, three years invested in the version four of our products. We have been able in 2022, the first half, to finalize several modules of the version four. We have finalized the switching, the POS, the ATM, and the fraud modules.
We have some features that will be integrated by the end of this year in the different modules, and we have also all the certification PCI DSS that is in progress, and that will be also finalized by the end of 2022. By the end of this year, we will probably finalize also all the module for issuing for debit card. We will also finalize all the eSecure module, and we will have some other modules that will be finalized by the 2023. The most important is that one of the letter of intent that we received this year is for a prospect that will go for the version 4 of the program.
We will have our first reference on version four that will start on 2022. Thanks to all this research and development, HPS or our product, our platform is regularly recognized as one of the main technology worldwide. One of the latest study that has been released to the market is one made by Aite Group. In this study, we can see that HPS is really one of the best in place in terms of technology. We believe that all what we do in term of research and development make us at the top of the technology.
We believe also that the version four will create or will be a game changer also in terms of technology and also in terms of ability to address some very major markets based on this technology. A quick word on our backlog. We have reached a backlog that represents in the first half 780 million dirhams that represent more or less 80%-90% of the total revenue of 2021, which is a very strong performance. The backlog all over the year continues to be increased. We have an annual growth that is around 9% every year. The most important is that we have been able to build a backlog that is at 70% recurring or regular.
It means that all this recurring revenue that is based on the switching, the processing or the maintenance or the regular that is based on the upselling, is something that is in our backlog and that will be in our backlog every year. Thanks also to all the letters of intent that we received, the backlog will probably be reinforced by the end of the year. As I explained, all the letters of intent for the license model represents MAD 200 million of new sales. We expect to have a large part of this in the backlog at the end of the year. Last word on the cash.
We have been able to maintain our level of net cash compared to the end of 2021. The cash generated by all our activities has been used mainly in financing and in the investment. In financing to pay dividends, to pay the debts, et cetera. Globally, the long-term debt compared to the equity remain at a very low level, so it represents 28% of the total equity of the company. We have not been able to generate a lot of operational cash flow mainly due to the implementation of a very large project.
In the project that we today deploy for this very tier one bank worldwide, for this very large Asian bank, we are in a model where we recognize our revenue based on the progress of the project, but the recognition is not linked to the invoices. We have revenue that is in our account, but the cash is not invoiced and not recognized in our figures in terms of cash. As long as we continue to roll out this major project, we will allow the invoicing, and we will also reinforce our net cash and our operational cash flow at the end of the year and beyond 2022. A quick word to conclude.
If we have some very large ideas to retain or to remember, we believe that the trends that we reported in terms of growth will be maintained in the second half. We have a very large opportunity that will be finalized in the second half of 2022. This will continue to drive our growth and continue to fuel our growth. We have also the deployment of the main project that we conduct today that will also continue to drive the growth for 2022. Thanks also to the visibility and the funnel that we have in terms of new sales.
We believe also that the backlog will be reinforced by the end of 2022, giving a very strong visibility for 2023 and beyond. The profitability that we reported also on the first half will be maintained at the end of 2022, and we have also an objective to reach an EBITDA decline between 25% and 30% by end of 2025. It's something that we strongly believe can be achieved in the next three years. Last point, we have implemented and we will continue to execute our M&A strategy to support our growth. This strategy of M&A focus on three main objectives.
The first one, it's a consolidation objective, where we are looking to some targets that are conducting businesses already conducted by HPS and to reinforce our market shares in these businesses. We are also looking to some targets on the technology path to accelerate our research and development and innovation. We have also some targets to open some markets where HPS is not strong or HPS is not present. All this strategy will continue to be executed to maintain and support the growth that we want to achieve in the next five years. This is all in terms of presentation. Thank you for listening, and I propose to open the Q&A session. The first question from Aline Nasser.
Are there synergies from having the French testing business that the payments business benefits from? We are wondering why you won't exit the testing business and double down your focus on payments. Second question: Can you update us on progress on the partnership with Capgemini and any results that you can share there? Third question: In the Saudi contract, PowerCARD V3.2 win. Is the client a bank or non-bank? Okay. Abdeslam Alaoui Smaili, do you want to perhaps take the partnership?
Uh.
Perhaps on Capgemini and perhaps also on IBM.
Okay. I'll start with the third question. On the Saudi contract. It is a bank. It is not a version four. The contract that was agreed is on something that we have already in place with 3.5. It's a port on an existing platform. That's why it's not a version four. The customer is a commercial bank. On the second question, where we are with Capgemini. We are working significantly with Capgemini.
The practice in Capgemini is growing and is maturing in the sense that we are able now to call Capgemini for most of our modules and not only the ones that we have started with. The results would be maybe shared in a different call. Globally, it is something that is really extremely helpful for us and enable us to be able to consume additional resources. We know how resources are critical these days. This is a strategic partner for us. Brahim, do you want to take the first one or shall I continue on the first one?
As you want. It's up to you.
The question is there a synergy between our testing business and our conventional payment business? Yes, there is of course. The expertise we have in France. Actually in France we do not have only the testing expertise. We have a very strong payment expertise as well. Part of our products are today produced in France, especially on what is internet or end customer related is produced in Aix-en-Provence. The other part that is the testing is still in Aix-en-Provence. We have synergies. Do we need to exit from this business or not?
This is something that is not on the table today because we have strategic ambitions for the moment. The synergy, because of the extreme expertise that we have, is very much used on our products and also in some of our customers that are requiring assistance for testing. Okay.
Okay. We will move to the second question.
Okay.
I will tell it in French and answer in French, and after that I will translate. La question est de Yoslo. "Bonjour, qu'en est-il du résultat net part du groupe ? Quel a été son montant en 2022 ? Avait-il connu une hausse ou une baisse ? Et qu'est-ce qui explique cette hausse ou cette baisse ?" Le résultat net part du groupe représente à fin du premier semestre environ MAD 66-67 million. C'est une croissance d'à peu près 83%, comparé à l'année dernière. Cette hausse s'explique bien sûr par la hausse bien sûr de l'activité, puisque notre résultat, notre EBITDA, progresse de plus de 40%.[Foreign language]
Également profite de la variation du taux de change bénéfique pour le groupe. Contrairement à l'année dernière où on a été fortement impacté par la baisse du dollar sur notre résultat financier. Cette année, on rattrape un peu le retard, ce qui fait que le résultat net progresse plus fortement que le résultat d'exploitation. [Foreign language]The question was about the net profit. The question was what is the net profit of HPS? What was the amount on the first half? There is a growth or a decrease of this net profit. The net profit for the group represents more or less MAD 67 million.
With the growth of 83% compared to last year. The growth is of course linked to the growth of the activity and the growth of the EBITDA. Also, benefit from the growth of the U.S dollars compared to the Moroccan dirhams has impacted our financial results positively. That explains that we have the growth of the net profit that is higher than the growth of the EBITDA. Next one from Razak. How much of your revenue and your costs are in USD? Do you think you can cross MAD 1 billion revenue this year? Can you give more color on your partnership with Visa?
In terms of split of revenue by currency, we have more or less 50% of the revenue that is in U.S. dollars, 30% in euro. The rest is in Moroccan dirham. A very small amount in some other currency. But 80% of the revenue is in U.S. dollar or in euro. In terms of costs, I don't have the exact figures in mind, but I think that the cost is at 70% under the control of AZ in Moroccan dirhams, and the rest is in euro or in dollars. Do you believe or do we believe that we will cross the MAD 1 billion?
We hope to cross the MAD 1 billion this year, perhaps, for sure next year. For sure, it's an objective for HPS to cross this MAD 1 billion and to continue our growth in the future. Last one, Abdeslam, perhaps on the partnership with Visa.
Yes. I just want to share that it would be great to cross the MAD 1 billion. This is a target that we have. We hope to close it. It will be a very interesting figure for this year. For Visa, we have signed this sponsorship agreement that allows HPS to offer not only the technical or the technological platform, but allows also HPS to offer a one-stop shop that has been our aim from the very beginning. We will be able to offer all the financial services that would come with the technology enabling a fintech to issue card, enabling a small bank to acquire cards.
It will be a whole setup that can be offered directly by HPS. This we will expect to have a significant revenue from this activity. This is not something that goes with competing with anybody else. It's really getting into untapped segment today, especially in the regions where we are. We hope to be able to offer this or we struggle to offer this everywhere worldwide. It's really something important here that we have been preparing for a couple of years now and has been finally achieved this week.
Next one by, Eunice Musheri. What is your current USD/MAD hedging policy?
No, I think.
Oh, excuse me.
No. I think you skipped one from Vitaly Albert.
No, no.
No?
No.
No. Okay.
No.
Sorry, my mistake.
Next one is from Eunice Musheri. What is your current USD/MAD hedging policy? Today we don't have hedging policy for currencies, because the main impacts on the currency on our figures are not on invoices or on collection, but is on our position in currency. We have two main impacts. One on the cash that we have in currency, in our subsidiaries abroad, in Dubai, in France, or in Singapore. All these accounts that we have there are in U.S dollars or in euro. Of course, we cannot cover this in terms of hedging policy. The other one, or the other big impact that we have is on all the projects that are under delivery.
So we have in our accounts all the progress of a project that is in the currency of the contract. When we have to close the figures, all these amounts are converted into Moroccan dirhams for our accounts. It means that it's not yet invoiced, it's not yet to be converted in Moroccan dirhams, but it's a direct impact on our revenue and our results due to the exchange rates. Next one from Fodé . Can you please clarify your comment on backlog with regards to recurring revenue? Is backlog all new business or is there a portion of recurring revenue that you are attributing to backlog? Okay. I don't know if...
Sarah, can you tell me if the presentation is still available for the participants? If yes, I will come back to the slide of the backlog. Sam, is it visible for the participants?
Yes.
Yeah. Okay. Okay.
Yes, it is.
Okay. The backlog is all the secured revenue not yet recognized in our figures. For all the non-recurring revenue, all that we have in backlog, that is the project on a license model or on the recurring, that is all the upselling, all this is one-off revenue. It represents all the parts of the project that is not yet delivered by HPS and not yet recognized in our figures. Give you an example. If we have signed a project for MAD 100, and we have a progress of 20%, we have in our revenue 20% of 100, so MAD 20, and we have in our backlog MAD 80 that will be recognized in the year after or beyond.
On all the recurring revenue, which is an annual base, we have in the backlog all the annual base of the revenue for this different streams. For the maintenance, we have an annual base of maintenance, processing the same annual base of the processing fee, et cetera. I hope that it's clear. If it's not, please specify the question in the chat. I will be happy to answer. Next one from Eunice. In which industries do you expect to make new acquisitions? To be clear, we are not trying to diversify our businesses from payments. We will remain in the payments, and this is our strategy. It will be targets in the payments.
It could be some players that are doing the same business as HPS, so to make some consolidation of our two businesses, or it could be some players that are acting in the payments in something that HPS is not doing or some innovation that HPS isn't yet developed, that could be interesting to bring into our technology to the market and to our customers. It's really in the payment industry, same business as HPS or something that is not yet covered by HPS in the payments. What is your assessment of the acquisition of ICPS and IPRC? Abdeslam Alaoui Smaili, you want to say this one?
Yes. From the acquisition of both companies, we are satisfied with the way things are moving. I'll start by IPRC, that besides us enhancing or expanding on the business where they are, IPRC has developed an additional expertise on predictive businesses. We have been able to secure several contracts where IPRC is not only monitoring, but giving predictions to the customers on how they should do this business. This is very interesting for us. This is using advanced technology like machine learning and other types of technologies.
Not only we have been able to expand, but we have been able really to modernize in the next level of the services that we would not only rely on persons or humans. We are relying on technology to have predictive, we are in the predictive business. Very positive, growing and doing a lot of progress. On the ICPS side, we are also satisfied. We have been able to penetrate new markets with better, ICPS doesn't have any more this banking flavor that was there before. ICPS is also getting more and more access to the technology.
I just want to remind that before ICPS was a customer of HPS, and ICPS was considered as being a customer and not have access to the source code of the product, not have access to all the secrets of the product. Now they have access to. We are building this expertise in M&A. Obviously, it doesn't always go as fast as we want it to be, but globally this is very positive. The expertise or the experience we have learned on the acquisition of these two companies, we have formalized a lot of this that we want to use for the next ones. We hope that we will be more efficient on the M&A side.
The next one from Sam. Is the contract for the new bank clients won in Asia included in the current backlog? If you refer to the very large bank in Asia, it's a contract that we signed last year in 2021. This contract was already in the backlog of the end of last year. Of course it is obviously in the backlog of this first half. Last year, because we have deployed part of the project during the first half of 2022. The amount that is in the backlog we link to this contract is lower at the end of the first half compared to the end of last year. Next one from Sosen.
Can you please repeat the split of revenue by currency? We have 50% in USD, 30% in euro, 17% in Moroccan dirhams, and the rest is in multiple currencies and mainly in Tunisian dinar.
Dinar.
Yeah, dinar. Tunisian dinar. But the majority is really on the U.S. dollar and the euro. It was the last one on the chat. Except if someone want to add something. Okay. If not, we thank you for attending the conference, and we can close this conference now, and see you on the next one.
Thank you all, and see you in the next one. Bye-bye.