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Addoha Posts 20% Net Profit Surge to MAD 336M in H1 2026 on Strong Operational Performance
Moroccan real estate developer Addoha has delivered impressive financial results for the first half of 2026, with consolidated net profit climbing 20% year-over-year to MAD 336 million. The company's operational efficiency showed remarkable improvement, with operating income surging 79% as margins expanded significantly. Backed by a robust order book valued at MAD 12.9 billion, Addoha continues to accelerate its development pipeline across Morocco and West Africa, positioning itself for sustained growth despite increased working capital requirements from expanded construction activity.
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Moroccan property developer Addoha has reported strong financial performance for the first six months of 2026, demonstrating robust growth across key financial metrics and operational indicators.
Financial Highlights Show Strong Profit Growth
The company's consolidated net profit reached MAD 336 million during the first half of 2026, representing a solid 20% increase compared to MAD 280 million recorded in the same period last year. The group's attributable net profit stood at MAD 299 million, up 13% year-over-year, while net margin improved by two percentage points to reach 24%.
Operational profitability demonstrated particularly impressive momentum, outpacing top-line growth. Current operating income surged to MAD 302 million from MAD 168 million in H1 2025, marking a substantial 79% jump. The corresponding margin expanded from 13% to 21%. Operating activities generated MAD 304 million, up 30% from the prior year period.
Revenue Growth Supported by Strong Commercial Activity
These performance improvements accompanied a 9% increase in consolidated revenue, which totaled MAD 1.408 billion compared to MAD 1.297 billion at the end of June 2025.
On the commercial front, Addoha recorded 5,557 pre-sales during the semester, an 11% increase, with West Africa accounting for 18% of this total. Final sales advanced in parallel by 36% to 3,848 units, including 26% completed through West African subsidiaries.
Robust Order Book Provides Revenue Visibility
As of September 25, pre-sales not yet recognized as revenue represented MAD 12.9 billion, up from MAD 11.7 billion disclosed with the 2025 annual results. This backlog is distributed between MAD 9.2 billion in Morocco and MAD 3.7 billion in West Africa, providing substantial revenue visibility for future periods.
Accelerated Production Pipeline
The group completed 3,548 units in the first half while continuing to launch new construction sites, particularly in Marrakech, Casablanca, and the Rabat Riviera Golf Living project. Addoha's production program now encompasses 23,791 units, with 35% located in West Africa, representing potential revenue of approximately MAD 19.8 billion. More than 9,000 units have already reached at least 70% completion.
Financial Position and Capital Structure
The acceleration of construction activity has led to increased working capital requirements, which stood at MAD 14.9 billion, including land reserves. Net debt reached MAD 5 billion, with the gearing ratio maintained below 32%. Shareholders' equity totaled MAD 10.7 billion, an increase of MAD 333 million compared to year-end 2025, reflecting the company's strengthening financial foundation.