Moroccan property developer Groupe Addoha posted strong profit growth in the last quarter of 2025, helped by higher margins, projects in West Africa, and a focus on higher-end developments.
Revenue in the final three months reached 1.06 billion dirhams, up 61% from the same period in 2024. For the full year, revenue was 2.7 billion dirhams. Under the old accounting rules, the company said revenue would have been 3.5 billion dirhams, reflecting a 36% rise. New accounting rules took effect on 1 January 2025.
Net profit jumped 64% to over 500 million dirhams, up from 304 million a year earlier. Gross profit rose to 730 million dirhams, and profit margins improved to 27%. The company said this was due to better cost control and selling more higher-value projects.
Pre-sales of homes grew 3% to 11,035 units, with 20% sold in Sub-Saharan Africa. Secured revenue rose 22% to 11.2 billion dirhams, with Africa making up 28% of that. At the end of the year, more than 26,000 units were under construction, 30% in West Africa, with projects worth nearly 21 billion dirhams. Around 60% of these projects were more than halfway complete.
Addoha kept its net debt at about 30% and had more than 10 billion dirhams in shareholders’ equity.
The company has expanded beyond social housing in Morocco, building in Côte d’Ivoire, Senegal and Guinea. Key new projects include Blanca City Park in Casablanca and Tours Eléphants in Abidjan, aimed at higher-end and mixed-use housing.
The company said it will focus on finishing projects, turning them into cash, and making the most of its land holdings to grow further.
