Immorente Invest reported a significant boost in its revenue for the second quarter of 2024, reaching 20.2 million dirhams (MDH), a 10% increase compared to the same period last year. This growth is largely attributed to the expansion of its portfolio, particularly with the acquisition of a factory in Tangier, leased to SFC Solutions Morocco in October 2023. As a result, rental income also saw a rise of 6%, totaling 17.3 MDH.
For the first half of 2024, Immorente Invest’s revenue climbed to 38.2 MDH, with rental income reaching 33.3 MDH. The company’s portfolio consists of premium assets leased to high-profile tenants. Additionally, the company is making progress on the construction of an extension to a factory leased by Faurecia in Atlantic Free Zone, an investment valued at nearly 130 MDH, with completion expected in Q4 2024.
Looking ahead, Immorente Invest anticipates an 8% to 10% increase in revenue for the full year 2024. This forecast is supported by the continued expansion of its asset base, including planned investments throughout the year and the leasing of additional office assets.
The delivery of the Faurecia factory extension in Q4 2024 is expected to boost the industrial sector’s share of the portfolio to nearly 50%, while reducing the office sector’s share to about one-third.
As a result, Immorente Invest plans to distribute a return of 5.2 dirhams per share in 2024, spread across four quarterly payments. Of this, 1 dirham per share was paid in April 2024, with an additional 2.2 dirhams per share distributed on June 24, 2024.
