Aradei Capital: Revenue Up 4% in the First Half of 2025

Aradei Capital has experienced a positive first half of 2025, marked by an increase in consolidated revenue and the operational strength of its assets. The consolidated IFRS revenue for the group reached 308 million dirhams (MDH) by the end of June 2025, compared to 298 MDH a year earlier, reflecting a growth of 4%. This growth is primarily attributed to the organic expansion of the portfolio and consistent performance across its operations. The social revenue stands at 105 MDH, down from 111 MDH the previous year. The company confirmed the quality of its portfolio with a structural occupancy rate of 97% and a footfall rate of 102% in its shopping centers and galleries, indicating the attractiveness of its locations. Aradei Capital has continued its dynamic investment strategy. Total expenditures on land and construction reached 142 MDH in the first half of 2025, down from 222 MDH a year earlier. These investments are mainly focused on two projects in Casablanca: the completion of structural work at Sela Park Casablanca, a retail park covering 30,000 square meters, and the advancement of a mixed-use project of 55,000 square meters that combines retail, office, and leisure spaces. Additionally, Aradei Capital has launched an ambitious renovation and repositioning program for its flagship assets, including Almazar in Marrakech and Borj Fez in Fez. As of June 30, 2025, the gross debt stood at 3.299 billion dirhams (MMDH), down from 3.343 MMDH a year earlier. This debt comprises 33% in bond loans and 67% in bank debts. The net debt, including cash, reached 2.845 MMDH, an increase from 2.529 MMDH at the end of 2024.