Aradei Capital has published slightly improved results for the first half of 2025. The consolidated revenue amounts to 308 million dirhams, reflecting a 4% increase (+10 million dirhams) compared to the same period last year. This performance is attributed to the strong performance of the company's operational assets and the income generated by Aradei Santé.
Operating expenses totaled 79 million dirhams, up 10% (+7 million dirhams) year-on-year, which impacts operational profitability. Ultimately, the Funds From Operations (FFO) attributable to the group stands at 155 million dirhams, a modest increase of 2% (+2.9 million dirhams).
As of June 30, 2025, Aradei Capital's investment properties are valued at 8 billion dirhams, showing limited growth of 1% compared to the end of 2024. Net debt, including cash, is reported at 2.845 billion dirhams, while gross debt reaches 3.299 billion dirhams. The Loan-to-Value (LTV) ratio is at 40% as of June 30, 2025, compared to 39% at the end of 2024. According to EPRA standards, this ratio is 36%, well below the covenant set at 65%.
Another indicator of financial strength, the Free Asset Value ratio has increased to 205% as of June 30, 2025, up from 195% six months earlier, significantly above the regulatory minimum of 130%.
Looking ahead, Aradei Capital confirms the rollout of its strategic projects. Construction work on two projects in Casablanca is ongoing, representing nearly 85,000 square meters of additional GLA. Concurrently, the company continues its strategic initiatives aimed at generating additional revenue, reinforcing its position as a leader in the rental real estate sector.
Finally, management has announced the organization of the company's first "Capital Market Day" in the fourth quarter of 2025. This meeting with investors will provide an opportunity to present in detail the company's performance, strategic vision, and upcoming development steps.
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