Ilyas El Harti: Recent Developments in Morocco and Internationally Allow Us to Raise Our Forecasts for Akdital

In an interview with Boursenews, Ilyas El Harti shared insights on Akdital's expected performance for 2025. He confirmed that the group is on track to achieve a revenue exceeding 4 billion dirhams, with profitability indicators such as EBITDA and net income aligning with commitments made to investors. Despite some media discrepancies, the group's economic and financial activities are progressing normally. El Harti detailed the group's expansion efforts, noting the opening of six new facilities this year, including locations in Guelmim, Oujda, Nador, and Laâyoune. The Inzegane site is set to welcome its first patients shortly, while the Prime Casa project, featuring advanced architecture and technology, is scheduled to open in early 2026. Prime Casa stands out as a high-level medical hub, incorporating cutting-edge technologies in radiotherapy, radiology, and robotic surgery. It will host three centers of excellence focused on cardiovascular, oncological, and maternal-child health. The facility aims to provide an innovative patient journey with differentiated non-medical services and premium care pathways, while still ensuring access to healthcare for all patients. Regarding the still-closed facility in Rabat, El Harti explained that additional work was requested by authorities, which has recently been completed. The hospital is now ready to enhance healthcare offerings in Rabat, with its opening anticipated soon. He emphasized that there is no connection between this project and any circulating rumors, stating that the Ministry remains supportive of Akdital's expansion across the Kingdom. Looking ahead to 2026, El Harti noted that the company is ahead of schedule in its international strategy. Initially focused on greenfield projects, Akdital has identified brownfield opportunities—existing, operational hospitals—which allow for immediate revenue and profitability. This strategy enables a faster entry into new markets and is expected to exceed previously announced growth forecasts by 10 to 15%. El Harti confirmed that while the focus is currently on brownfield projects, the company is also pursuing greenfield initiatives in Riyadh and Dubai, which are expected to contribute starting in the second half of 2027. On the topic of diagnostic centers, El Harti mentioned that the project in Morocco is currently on hold to maintain balance with strategic medical partners. However, the development of diagnostic centers internationally will continue, as they are integral to the hospital model and were included in the international roadmap. Addressing concerns about financing, El Harti stated that financial discipline is central to governance, with clear limits set for net debt and gearing ratios. The goal is to sustain growth while maintaining a healthy balance sheet. Lastly, he discussed the possibility of an IPO for the international holding, indicating that it is one of several options being considered. The international division will be structured around a dedicated sub-holding, with investment funds expected to acquire 20 to 30% of the capital, ultimately aiming to strengthen equity and support continued international development.