Addoha: Consolidated Net Income Soars by 64% in the First Half of 2025

Addoha Group has marked the first half of 2025 with a strong increase in its profitability indicators, confirming the recovery trend that began last year. The consolidated net income reached 280 million dirhams (MDH), up 64% compared to the same period in 2024. The net margin doubled, rising from 10% to 22%. As of June 30, 2025, the Group's consolidated revenue reached nearly 1.3 billion dirhams, with 533 MDH generated in Morocco and 764 MDH in West Africa. In this latter market, activity showed robust growth (+96%), reflecting the success of the model exported by the developer. Notably, under the previous sector accounting method, this revenue would have exceeded 1.8 billion dirhams (+8% year-on-year). Production rates have also strengthened, with 19,773 units underway, 21% of which are located in West Africa. The potential revenue associated with these ongoing projects is estimated at 15.3 billion dirhams. In terms of profitability and financial stability, the gross margin improved by 4 points to reach 27%, amounting to 348 MDH, compared to 386 MDH a year earlier. The operating income stood at 235 MDH, down from 335 MDH in the first half of 2024, resulting in an operating margin of 18%. On the balance sheet side, the Group maintained its financial stability despite the increased production pace. The working capital requirement (BFR) is stable at 13 billion dirhams compared to the end of 2024. Net debt remains controlled at 4.1 billion dirhams, with a gearing ratio reduced to 29%. Consolidated equity reached 10.2 billion dirhams. With consolidated net income nearly tripling over two years (96 MDH in H1 2023, 170 MDH in H1 2024, and 280 MDH in H1 2025), Addoha demonstrates the strength of its strategic repositioning and its ability to generate sustainable growth, driven by both the local market and West Africa.