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Aradei Capital Posts 27.6% Revenue Surge to DH393 million in H1 2026

Aradei Capital announced a consolidated IFRS revenue of DH393 million for the first half of 2026, driven by a 27.6% YoY increase and a one‑off contribution of DH60 million from its residential promotion project. Occupancy remained strong at 97%, while the mixed‑use flagship in Casablanca is 30% complete. Cash‑outflows rose to DH222 million and net debt increased to DH3.14 billion, but the group’s operational performance and pipeline suggest continued momentum.

August 17th, 2026
2 min read
By boursenews.ma

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Key Financial Highlights (H1 2026)

Consolidated IFRS revenue: DH393 million, a 27.6% increase YoY. This includes a non‑recurring DH60 million from the Sela Plaza residential promotion.

Social revenue: DH118 million, up 13% from DH105 million in H1 2025.

Occupancy rate: 97% at the end of the period.

Foot‑traffic index: Commercial assets recorded 106% of the foot‑traffic level recorded in H1 2025.

Gross leasable area (GLA): 507,000 m² as of 30 June 2026.

Operational Milestones

  • Completion of the Borj Fez mall renovation, delivering modernized spaces and an expanded leisure offer.
  • Ongoing refurbishment of Almazar, with delivery targeted before the end of 2026.
  • Mixed‑use flagship in Casablanca – 60,000 m² total (40,000 m² retail & leisure, 20,000 m² offices) – approximately 30% construction progress by June.
  • Delivery of the Sela Plaza Dar Bouazza residential programme (55 villas). Commercialisation rate reached 93% and 23 villas were handed over, generating the DH60 million non‑recurring revenue.

Cash Flow & Investment Activity

Cash‑outflows for the first half amounted to DH222 million, up from DH142 million in H1 2025. The majority of disbursements were allocated to the Casablanca mixed‑use project and the renovations of Borj Fez and Almazar malls.

Financial Structure

Gross debt: DH3.664 billion (64% bank loans, 28% bonds, 8% treasury bills).

Net debt (after cash): DH3.142 billion, compared with DH2.805 billion at end‑December 2025.

No material changes were reported in the scope of consolidation.

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