Addoha Group recorded impressive results in the first half of 2024, with revenue reaching 1.7 billion dirhams, a 20% increase compared to 2023. This performance was driven by a rebound in production in Morocco and growing contributions from its West African subsidiaries, which now account for 30% of secured revenue.
Profitability also improved significantly. Gross margin rose to 386 million dirhams, with an operating margin of 335 million dirhams, up 5 points from last year. Net profit reached 186 million dirhams, marking a 95% increase over the same period in 2023. This growth reflects the company’s ability to combine revenue expansion with margin improvements.
Production increased substantially, with 4,918 units completed in the first half of 2024, up from 2,953 units the previous year. Addoha currently has 17,204 units under construction, 35% of which are located in West Africa. This pipeline of projects represents a potential turnover of 10.3 billion dirhams, set to significantly boost future results.
Sales were also dynamic, with 4,503 pre-sold units valued at 2.5 billion dirhams, a 9% rise compared to 2023. West African subsidiaries contributed 30% to these pre-sales. The group’s secured revenue now stands at nearly 10 billion dirhams.
Despite increased production, Addoha has maintained a solid financial structure. Net debt decreased by 76 million dirhams since December 31, 2023, now standing at 4.2 billion dirhams. The company’s gearing is stable at 30%, and consolidated equity totals 10.1 billion dirhams.
Addoha continues to expand in Morocco, with new real estate projects, including 10,000 units in Casablanca and 400 in Rabat. In sub-Saharan Africa, the group is advancing with a 1,600-unit project in Libreville, Gabon, and two projects totaling 2,000 units in Yaoundé, Cameroon.
