Groupe Addoha has delivered solid results for the first half of 2024, reporting a 20% increase in revenue, which reached 1.7 billion dirhams. This impressive performance was driven by a particularly dynamic second quarter, where revenue nearly hit 1 billion dirhams.
The value of pre-sales also saw a 9% rise, amounting to 2.5 billion dirhams, with 30% of this coming from the group’s subsidiaries in West Africa. The secured revenue to date stands at 9.6 billion dirhams, with 37% attributable to the group’s activities in West Africa.
Production accelerated significantly, with 4,918 units completed in the first half. The group currently has 17,204 units under construction, representing a potential revenue of 10.3 billion dirhams.
Despite the high level of activity, the group’s net debt remained stable at 4.3 billion dirhams at the end of the second quarter.
These positive results were supported by several key developments, including the acquisition of new permits for nearly 10,000 units in Casablanca and the launch of new projects both in Morocco and West Africa.
Key developments in H1 2024:
- Expansion in Casablanca: New permits acquired for nearly 10,000 units, reinforcing the Group’s presence in the region.
- Growth in activity: Significant increases in production and new project launches compared to the same period in 2023.
- Advancement of Riyad Al Andalous project: Construction of a new phase of nearly 400 units in Rabat commenced.
- International development:
- Launch of the first economic project of 1,600 units in Libreville (Gabon), as part of an agreement to build 5,000 units.
- Obtained permits for two projects (economic and mid-range) totaling nearly 2,000 units in Yaoundé (Cameroon).
Groupe Addoha appears well-positioned to continue its growth in the coming months, with a strong project pipeline and an expanding presence in Sub-Saharan Africa.
