The Residences Dar Saada Group achieved a consolidated revenue of MAD 54 million during the first quarter of 2024 (Q1-2024), compared to MAD 51 million during the same period in 2023, representing a 6% increase.
“The total number of units launched into production to date totals nearly 3,700 units, with new launches planned as part of the expression of interest process during the year 2024,” the Group stated in a press release, noting that this reinforces the company’s confidence in the success of its strategic plan for the next three fiscal years.
Furthermore, the company plans to launch new units in 2024 as part of the new program, the same source added. As for pre-sales, the Group was able to maintain its level at 528 properties during the first quarter, thanks to the continuation of its commercial strategy focused on destocking finished products.
Secured revenue amounted to MAD 3.7 billion following the adjudication of 10,300 apartments during the first quarter of 2024 as part of the resettlement program. In addition, new phases will be launched for pre-sale as part of the new direct housing assistance program. Still in line with its debt management policy, the Group announced the repayment of MAD 55 million in bank debts, excluding interest. Thus, total debt in Q1-2024, including leasing contracts (IFRS 16) and excluding short-term cash, amounted to MAD 1.7 billion compared to MAD 1.75 billion at the end of 2023, representing a 3% decrease. Regarding investments, Residences Dar Saada did not acquire any land during the first quarter of 2024. Furthermore, there were no changes in the consolidation scope compared to the end of 2023.
