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Dar Saada Residences posts 67 bn DH Q1 2026 revenue surge amid Marrakech relocation contracts

Résidences Dar Saada announced a first‑quarter turnover of 67 billion Moroccan dirhams, up from 64 billion a year earlier, thanks to the signing of new housing contracts under the Marrakech relocation programme. The group also highlighted a growing pipeline of 26 000 units worth roughly 6.5 billion DH, debt reduction of 288 million DH and the start of deliveries for the Casablanca relocation project in H2 2026.

May 26th, 2026
2 min read
By boursenews.ma

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Markets – Tuesday, 26 May 2026

Revenue Growth

Résidences Dar Saada reported a first‑quarter turnover of 67 billion Moroccan dirhams (MDH), up from 64 billion MDH a year earlier, driven by a suite of new contracts linked to the Marrakech relocation programme.

Key contracts and pipeline

  • Signing of two new agreements under the Marrakech AMI, covering 15,400 housing units – 7,650 units for Résidences Dar Saada and 7,773 units for its affiliate Résidences Dar Saada X (to be consolidated in 2026). The secured revenue from these allocations totals 3.8 billion DH.
  • The overall activity level remained stable during the quarter.
  • Construction progress continues on the Casablanca relocation project, with the first hand‑overs expected in the second half of 2026.
  • A disciplined debt‑management policy saw the group repay 288 million DH of financial debt (excluding interest), reducing total net debt to 1.74 billion DH at end‑March 2026 (down from 1.78 billion DH in 2025).

Strategic outlook

The group is entering a “growth acceleration” phase, backed by a total pipeline of roughly 26,000 units representing about 6.5 billion DH of secured revenue. Additional projects include:

  • 7,500 units in Sub‑Saharan Africa – valued at ~3 billion DH.
  • A mixed‑use development of 7,400 units in Beni Mellal – adding roughly 2 billion DH of potential revenue.

Overall, the company rates its development pipeline at 12.5 billion DH, of which 7.5 billion DH is already secured for execution over the next three years.

Pre‑sales performance

Pre‑sales outside the AMI programme rose to 505 units in Q1 2026, up from 465 units in the same period of 2025, reflecting the group’s focus on clearing finished‑product inventory. Total pre‑sold units for the quarter reached 15,928.

Production status

Units under construction stand at approximately 11,800, with the Casablanca relocation assets progressing according to schedule.

Consolidation scope & land acquisition

No changes to the consolidation perimeter were recorded versus year‑end 2025, and the group did not acquire any new land during Q1 2026.

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