Addoha Boosts Profitability with 64% Increase in Consolidated Net Income for 2025
Strategic Financial Restructuring
The year 2025 marks a pivotal phase for Addoha, characterized by a strategic financial restructuring aimed at enhancing its balance sheet indicators. This initiative has led to a notable strengthening of equity, effective debt management, and improved working capital metrics.
Sales Performance and Pre-Sales Growth
In 2025, pre-sales reached 11,035 units, reflecting a 3% increase from the previous year’s total of 10,697 units. Notably, West Africa accounted for 20% of these pre-sales.
Secured Revenue Growth
Secured revenue for the year amounted to 11.2 billion MAD, a substantial rise of 22% compared to 9.2 billion MAD at the end of 2024. Contributions from African subsidiaries represented 28% of this total.
Production and Future Revenue Potential
Currently, over 26,000 units are under production, with 30% located in West Africa. The projected total revenue from these ongoing projects is nearly 21 billion MAD, with 60% of the units showing a technical advancement rate exceeding 50%.
Project Pipeline Overview
Addoha's project pipeline consists of 26,053 units, with a potential revenue of 21.054 billion MAD, distributed as follows: 19,601 units in Morocco generating 16.823 billion MAD, and 6,452 units in West Africa contributing 4.232 billion MAD.
New Project Approvals
The company has received approvals for new projects, including Blanca City Park in Casablanca, aimed at high-end housing with an estimated potential of 12 billion MAD, and the mixed-use Tours Eléphants in Abidjan, which will feature a shopping center, offices, and four residential towers.
Accelerated Profitability in Q4 2025
In the fourth quarter of 2025, Addoha reported revenue of 1.059 billion MAD, marking a 61% increase from 658 million MAD in Q4 2024. Cumulatively, total revenue for 2025 reached 2.709 billion MAD, up from 2.595 billion MAD in 2024.
Impact of Accounting Changes
The company noted that due to changes in the accounting framework for the real estate sector effective January 1, 2025, consolidated revenue would have reached 3.5 billion MAD, reflecting a 36% increase based on the previous accounting standards.
Gross Margin and Net Income
The gross margin for 2025 stood at 730 million MAD, compared to 660 million MAD in 2024, with the gross margin rate improving by 1.5 percentage points to 27%. Consolidated net income exceeded 500 million MAD, a 64% increase from 304 million MAD in 2024.
Financial Structure and Debt Management
The company maintained a controlled net debt level, with a gearing ratio around 30%. By the end of December 2025, consolidated equity surpassed 10 billion MAD.
Future Outlook
Following the restructuring phase, Addoha is poised for future growth with a strong secured revenue base, a substantial project pipeline, strategically located assets, improving profitability, and a commitment to financial discipline.
