Strong Revenue Growth in 2025
Résidences Dar Saada experienced a substantial increase in its business activity during the 2025 fiscal year, primarily attributed to a change in accounting methods regarding revenue recognition. This adjustment was linked to the sale of a 17-hectare land parcel in the southern region of Morocco.
The company also made significant progress in the construction of housing units as part of its resettlement program, adhering to its established timeline. Additionally, it is currently in the process of selling land valued at 260 million dirhams and securing financing for this project, alongside implementing a financial plan aimed at acquiring other securitized assets.
Furthermore, the company has effectively managed its debt levels.
Strategic Development Phase in 2026
As it enters 2026, Résidences Dar Saada is embarking on a new strategic development phase. This initiative is bolstered by agreements signed under the Marrakech and Casablanca Call for Expression of Interest (AMI), which encompasses 26,000 housing units with a total estimated value of approximately 8.5 billion dirhams.
Additionally, the company is pursuing a project involving 7,500 units in Sub-Saharan Africa, valued at 3 billion dirhams, and a mixed-use project of 7,400 units in the southern region of Morocco, potentially worth 2 billion dirhams.
Overall, the company’s development pipeline now holds a total potential revenue of 12.5 billion dirhams, with 7.5 billion dirhams already secured, representing 60% of the projected revenue from ongoing projects.
Pre-sales and Future Outlook
In 2025, Résidences Dar Saada recorded pre-sales of 1,683 units, a significant increase from 1,168 units during the same period in 2024. The resettlement program in Casablanca accounted for over 10,500 units.
New residential and subdivision projects are set to launch in the first half of the current fiscal year. By the end of 2025, secured revenue stood at 3.75 billion dirhams, largely due to the signing of agreements related to the Casablanca resettlement program in 2024.
Significant Project Allocations
In 2026, the company will continue its strategic development, particularly focusing on agreements related to the AMI initiated by Al Omrane Marrakech in February 2024. This includes 7,650 units allocated to Résidences Dar Saada, valued at an estimated 1.9 billion dirhams, and an additional 7,773 units assigned to its affiliated entity, Résidences Dar Saada X, also valued at 1.9 billion dirhams.
These allocations represent over 15,400 units with a cumulative value of approximately 3.8 billion dirhams. Additionally, the company has secured two AMIs in Casablanca, amounting to 2.65 billion dirhams for more than 10,500 units.
Development Pipeline and Future Visibility
The ongoing development pipeline includes a newly authorized project in Sub-Saharan Africa for 7,500 units, with an estimated revenue of 3 billion dirhams, and a mixed-use project in the southern region comprising 7,400 units, representing an additional potential of 2 billion dirhams.
These projects enhance the company's visibility regarding its future operations, solidifying its position in the social and intermediate housing segment and supporting its growth trajectory outlined in its multi-year strategic plan.
Financial Performance Overview
By the end of December 2025, Résidences Dar Saada reported a revenue of 466 million dirhams, a significant increase from 218 million dirhams in the same period of 2024, reflecting a growth of 113.8%. The total number of units under production reached nearly 11,800, with 1,600 units launched during 2025.
It is important to note that an update to the accounting plan for the real estate sector (PCSI) was implemented starting July 1, 2025. Consequently, financial statements will be affected by the differences between the previous revenue recognition method and the new accounting approach applied from that date.
Debt Management
In line with its commitment to prudent financing management, the company repaid 441 million dirhams in financial debts, excluding interest. As of December 31, 2025, total debt, including IFRS 16 lease liabilities amounting to 202 million dirhams, stood at 1.78 billion dirhams.
The debt structure comprises bank loans, IFRS 16 lease liabilities, bond borrowings, and supplier debts.
Consolidation Scope
There were no changes to the consolidation scope during the 2025 fiscal year.
Land Transactions
In the fourth quarter of 2025, Résidences Dar Saada completed the sale of a 17-hectare land parcel located in the southern region of Morocco.
