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Addoha’s Mid‑Year Surge: Pre‑sales Up 11% and Production Ramps Up in West Africa
Addoha Group closed the first half of 2026 with consolidated revenue of MAD 1.408 billion, a modest 9 % year‑on‑year increase. The real story lies in the 11 % rise in pre‑sales, the accelerating construction pipeline and a secured order book worth MAD 12.1 billion, of which MAD 8.9 billion is in Morocco and MAD 3.2 billion in West Africa. With almost 24 000 units under construction – 35 % of them outside Morocco – the company’s growth outlook now hinges on how quickly these projects can be delivered and recognized in the accounts.
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First‑Half Results – A Quick Look
For the six months ended June 30, 2026 Addoha reported consolidated revenue of MAD 1.408 billion, up 9 % YoY. While the headline figure appears modest, the underlying dynamics reveal a more aggressive growth narrative.
Pre‑sales Gain Momentum
Pre‑sales reached 5,557 units at the end of June, compared with 5,018 units a year earlier – an 11 % increase. The acceleration is especially clear in Q2: 2,539 units were pre‑sold between April and June versus 2,110 units in the same period of 2025, a 20 % jump.
Secured Order Book
The company now has a secured revenue backlog of MAD 12.1 billion, split into MAD 8.9 billion for projects in Morocco and MAD 3.2 billion for West African developments. This pipeline provides strong visibility for future earnings as projects progress and are handed over.
Production Pipeline Expands
Addoha is currently building 23,791 units, with 35 % of them located in West Africa. The potential revenue attached to this pipeline is estimated at MAD 19.8 billion. While this figure overlaps with the secured order book, it highlights the scale of construction activity and the timing gap between on‑site work and revenue recognition.
West Africa – A Growing Share
West African subsidiaries accounted for 18 % of the semester’s pre‑sales but already represent 35 % of units under construction. As these projects move through the build‑to‑delivery cycle, the region’s contribution to total revenue is expected to rise.
Accounting Shift Impact
Since the beginning of 2025, the real‑estate sector has adopted new accounting standards. Under the old method, the first‑half revenue would have been MAD 1.984 billion. The difference is now a familiar reference point for analysts assessing operational intensity.
Financing Costs
Net debt increased from MAD 4.6 billion at the end of March to MAD 5.0 billion at the end of June, reflecting the higher cash demand of an expanding construction programme. The company stressed that its gearing remains below 30 %.
Outlook
The 9 % revenue rise masks a more pronounced buildup of production capacity. With nearly 24,000 units on the ground, the next challenge is converting this pipeline into sales, deliveries and, ultimately, recognized revenue. The pace of that conversion will drive Addoha’s growth in the coming quarters.