Alliances Développement Immobilier (ADI), the real estate group founded by Alami Lazraq, has made an extraordinary recovery after coming close to bankruptcy. Over the past year, the company’s stock price has nearly tripled, and its market capitalization now exceeds 6.3 billion dirhams (DH).
This impressive turnaround is supported by strong financial results in the first half of 2024. Consolidated revenue reached 1.2 billion DH, marking a significant 21% increase compared to the same period in 2023. ADI’s net debt saw a sharp reduction from 2.2 billion DH to 1.3 billion DH, a 37% decrease, reflecting improved financial health. The company’s robust order book is further evidence of regained investor and client confidence.
These results build on the solid growth recorded in 2023, when the group achieved consolidated revenues of 2.017 billion DH, up 26% from 2022. ADI’s consolidated net income rose by 39%, reaching 242 million DH, while gross margin increased by 31% to 599 million DH.
Production has also regained momentum, with 6,205 units under construction in the first half of 2024. Pre-sales surged 29% year-over-year, totaling 2,351 units. As of June 30, 2024, the order book stood at 7,504 units, securing a total value of 3.6 billion DH.
Looking ahead, ADI is poised for even greater growth. The group is planning a major middle-class housing project in Dar Bouazza on a 41.5-hectare site and is finalizing negotiations to acquire 90 hectares of land in Akenza. Additionally, ADI intends to launch mid-range housing projects in Marrakech while continuing its expansion in the high-end market with new developments in Marrakech and Casablanca. One notable example is the “Les Résidences Riad Marrakech” project, offering apartments and villas starting at 500,000 DH.
ADI’s remarkable resurgence is the result of a bold recovery plan implemented after the severe financial crisis in 2016. The plan focused on reducing debt—from over 8 billion DH in 2015 to 2 billion DH by the end of 2018—financial restructuring, and cost reduction, all of which allowed the group to return to profitability and growth.
Today, ADI is viewed as a success story of financial recovery. The group is focused on executing its 2022-2025 strategic plan, which aims to achieve cumulative revenues exceeding 8 billion DH and a net income of over 1 billion DH. As it continues this positive trajectory, ADI is already laying the groundwork for sustained growth beyond 2025.
