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Aradei Capital Hikes H1 2026 Results Driven by Residential Boost
Aradei Capital reported a solid first half of 2026, with total revenue climbing 28% year‑on‑year to 393 million DH, driven by both property‑development activity and the launch of a new residential programme linked to Sela Plaza Dar Bouazza. Adjusted funds from operations (FFO) rose 5% to 163 million DH, helped by a one‑off residential contribution of 8.5 million DH. The property portfolio continued to perform well, posting an occupancy rate of 97% and a rental income of 311.3 million DH. EBITDA increased 6% to 244 million DH, while the company pressed ahead with major mixed‑use projects in Casablanca and confirmed its full‑year guidance for 2026.
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Strong Revenue Growth
Aradei Capital’s H1 2026 revenues reached 393 million DH, up 28 % year‑on‑year. The increase reflects both the expansion of the core property business and the delivery of the first villas under the residential programme linked to Sela Plaza Dar Bouazza, which contributed roughly 60 million DH of non‑recurring income.
Excluding real‑estate promotion, revenue was 334 million DH, a 8 % rise driven by organic growth and the opening of Sela Park Casablanca at the end of 2025. Rental income settled at 311.3 million DH, up from 293.1 million DH a year earlier.
Adjusted FFO Up 5%
The company’s adjusted Funds From Operations (FFO) grew to 163 million DH, a 5 % increase, thanks to a 8.5 million DH boost from the residential promotion programme. Property‑activity FFO remained flat at 155 million DH.
In Dar Bouazza, 23 villas were handed over during the semester out of a 55‑unit project, with a sales‑rate of 93 %.
Portfolio Performance
- Occupancy rate: 97 %
- Collection rate: 93 %
- Commercial assets occupancy: 106 % of H1 2025 level (+6 %)
Total EBITDA rose 6 % to 244 million DH, with property activity accounting for about 235 million DH and real‑estate promotion contributing 9 million DH. Operating expenses for the property segment increased by roughly 20 million DH to 99 million DH after the launch of Sela Park Casablanca and the WAW leisure centre.
The property EBITDA margin fell to 70.3 % (down four points) as the leisure and retail‑media activities expand; these sectors have structurally lower margins.
Balance Sheet & Investment Pipeline
Net debt (including cash) stood at 3.14 billion DH, with gross debt of 3.66 billion DH and cash of 521 million DH. The EPRA LTV ratio was 38 % (vs 34.1 % at Dec‑2025). The portfolio comprised 35 assets across 23 cities, totalling 507 000 m² GLA and a valuation of about 8.5 billion DH.
Aradei Capital is pushing ahead with major projects in Casablanca. A mixed‑use development at the city’s southern entrance will feature 40 000 m² of retail & leisure and 20 000 m² of offices. In early July the firm acquired land in Casa Anfa for a new mixed‑use scheme combining commerce, offices and residential units.
Financial Outlook & Strategic Initiatives
The board confirmed its full‑year 2026 targets, including the completion of the Almazar leisure‑offer modernisation by year‑end and the roll‑out of the WAW concept to Borj Fez and Socco Alto.
The article also highlights recent analyst coverage, noting that M.S.IN initiated coverage with a buy rating and a target price of 514 DH.