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Résidences Dar Saada Posts 233% Net Profit Surge in H1 2026 on Housing Relocation Contracts
Moroccan property developer Résidences Dar Saada has reported a remarkable turnaround in first-half 2026 results, with consolidated net profit reaching 20 million dirhams compared to 6 million dirhams in the same period last year. The impressive performance was driven by a 29% revenue increase to 209 million dirhams and the successful signing of massive housing relocation contracts in Marrakech totaling 15,423 units worth approximately 3.8 billion dirhams. With pre-sales hitting 16,168 units and a secured revenue pipeline of 7.5 billion dirhams over the next three years, the company is positioning itself as a major player in Morocco's social housing sector.
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Résidences Dar Saada has delivered strong first-half 2026 financial results, demonstrating significant growth momentum fueled by strategic housing relocation contracts. The Moroccan real estate developer announced that its board of directors, meeting on September 29, 2026 under the chairmanship of Hicham Berrada Sounni, approved consolidated and standalone accounts for the period ending June 30.
Financial Performance Highlights
The company achieved consolidated revenue of 209 million dirhams in the first six months of 2026, representing a 29% increase from 162 million dirhams recorded in the first half of 2025. More impressively, consolidated net profit surged to 20 million dirhams, more than tripling the 6 million dirhams posted in the comparable prior-year period.
However, operating profit declined to 24 million dirhams from 35 million dirhams year-over-year, which the company attributes to timing factors as it awaits completion of ongoing projects and delivery execution linked to relocation programs.
Marrakech Housing Relocation Deal Transforms Pipeline
A defining moment for the first half was the February 2026 signing of two agreements under the expression of interest launched by Al Omrane Marrakech for the city's housing relocation program. These conventions cover 15,423 residential units representing secured aggregate revenue of approximately 3.8 billion dirhams.
The allocation breakdown shows 7,650 units assigned to Résidences Dar Saada with secured revenue of 1.9 billion dirhams, while the remaining 7,773 units were allocated to Résidences Dar Saada X, an affiliated entity scheduled for consolidation integration in 2026, also representing 1.9 billion dirhams in revenue.
This transformative deal drove pre-sales to 16,168 units in the first half of 2026, a dramatic increase from just 1,132 units in the same period of 2025. The company now reports 7.5 billion dirhams in advance sales to be realized over the next three fiscal years.
Casablanca Relocation Program Progressing
Regarding the Casablanca housing relocation initiative, Résidences Dar Saada confirmed that 6,000 units have been completed to date, representing 60% of the allocated properties. Construction of the remaining units continues according to schedule, with initial deliveries expected in the second half of 2026.
The developer currently has nearly 14,500 units in production, excluding units completed in the second quarter. This volume includes approximately 5,000 units launched during the quarter, corresponding to the first phase of the Marrakech relocation program.
Financial Position and Debt Management
On the financial side, Résidences Dar Saada reported repayment of 350 million dirhams in financial debt, excluding interest, during the first half. Despite this reduction, total debt as of June 30, 2026—including IFRS 16 lease contracts and excluding short-term cash—reached 1.92 billion dirhams, up from 1.78 billion at year-end 2025. The net debt ratio remained stable at 34%.
The company also disclosed a partial debt repayment of 293 million dirhams in the second half of 2026 as part of the unwinding of the securitization transaction with FT Olympe. The fund exited the consolidation scope as of December 31, 2022, following expiration of its lifespan and lease contract.
Development Pipeline and Land Reserves
According to the group, the Marrakech and Casablanca relocation agreements cover 26,000 units representing secured revenue of approximately 6.5 billion dirhams. Additional growth drivers include a 7,500-unit project in sub-Saharan Africa valued at 3 billion dirhams and a mixed-use 7,400-unit development in Beni Mellal with potential additional revenue of 2 billion dirhams.
The company maintains a land reserve of approximately 1,160 hectares, with 34% located along the Casablanca-Rabat corridor. Customer receivables remained stable at 241 million dirhams as of June 30, 2026.