Résidences Dar Saada achieved an impressive pre-sales level of 10,952 units in the first half of 2024, a dramatic increase from 1,123 units during the same period in 2023. This surge is largely attributed to the signing of agreements for 10,300 apartments under a resettlement program, valued at 2.6 billion dirhams (MMDH), according to a statement from the group.
As a result, the group’s total secured revenue reached 3.7 MMDH, with new phases of pre-sales launched as part of the new direct housing assistance program.
However, the actual revenue generated by Résidences Dar Saada during this period was 92 million dirhams (MDH), down from 254 MDH at the end of June 2023. This decrease is due to delays in deliveries and the accounting of revenue in the second half of 2024, following the immobilization of assets under the resettlement program since February, with agreements signed only in August.
Looking ahead, the group expects its activity level for 2024 to remain stable compared to 2023. This forecast is based on the potential completion of deliveries under the resettlement program in the second half of 2024, along with the completion of two high-end projects by year-end.
Additionally, Résidences Dar Saada continues its focus on debt management, having repaid 207 MDH in bank debt, excluding interest. As of the end of June, the group’s total debt, including lease contracts (IFRS 16) and excluding short-term cash, stood at 1.78 billion dirhams (MMDH).
