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Résidences Dar Saada Posts 25% Revenue Growth in H1 2026 Amid Major Relocation Projects
Moroccan real estate developer Résidences Dar Saada has delivered strong first-half 2026 results, with consolidated revenue climbing 25% to MAD 202 million. The company's pre-sales surged to 16,168 units from just 1,132 units in the prior-year period, driven primarily by major relocation agreements in Marrakech. With a secured pipeline worth MAD 12.5 billion and 14,500 units currently under construction, the developer is positioned for sustained growth despite elevated debt levels reaching MAD 1.93 billion.
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Moroccan property developer Résidences Dar Saada has reported significant operational momentum in the first half of 2026, marking a sharp acceleration in business activity driven by large-scale government relocation programs.
Pre-Sales Surge on Marrakech Relocation Program
The company recorded 16,168 units in pre-sales during H1 2026, a dramatic increase from 1,132 units in the same period last year. This exceptional growth stems primarily from new agreements signed in February related to the Marrakech relocation program, covering more than 15,400 units.
Under these conventions, Résidences Dar Saada was allocated 7,650 units, while an additional 7,773 units were assigned to Résidences Dar Saada X, an affiliated entity expected to be integrated into the consolidated scope in 2026.
Revenue Climbs 25% to MAD 202 Million
Consolidated revenue for the first six months reached MAD 202 million, compared to MAD 162 million in H1 2025, representing a 25% year-on-year increase. This growth reflects the company's expanding project portfolio and execution of major relocation contracts.
Casablanca Project Advances on Schedule
In Casablanca, the Group has completed 6,000 units to date, representing 60% of the properties allocated under the city's relocation program. The remaining units are progressing according to the planned timeline, with initial deliveries anticipated during the second half of 2026.
14,500 Units Currently Under Production
Résidences Dar Saada currently has 14,500 units in production following the completion of more than 2,600 units in Q2. The semester notably saw the launch of 5,000 units corresponding to the first phase of the Marrakech relocation program.
Substantial Project Pipeline Worth MAD 12.5 Billion
The developer emphasized the visibility provided by its project portfolio. The Marrakech and Casablanca conventions together cover 26,000 units representing secured revenue of approximately MAD 6.5 billion.
Additional projects include:
- A 7,500-unit project in Sub-Saharan Africa valued at MAD 3 billion
- A mixed-use development of 7,400 units in Beni Mellal with potential revenue of MAD 2 billion
In total, Résidences Dar Saada estimates its global revenue potential from projects under development at MAD 12.5 billion, of which MAD 7.5 billion has already been pre-sold and is scheduled for realization over the next three fiscal years.
Financial Position and Debt Management
On the financial front, the Group reported repaying MAD 340 million in financial debt (excluding interest) during the semester. However, total debt including IFRS 16 lease contracts and excluding cash stood at MAD 1.93 billion at end-June, compared to MAD 1.78 billion at end-December 2025.
The unwinding of a securitization operation continued with a partial repayment of MAD 293 million in June, following the sale of land held by FT Olympe. The Group indicated it is continuing procedures to complete the liquidation of this operation.
No land acquisitions were made during the first half of 2026.