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Aradei Capital Posts 7% Rise in Consolidated Revenue for Q1 2026, Boosted by New Casablanca Asset

Aradei Capital kicked off 2026 with a solid 7 % year‑on‑year increase in consolidated IFRS revenue, reaching 160 million MAD. The growth was driven by stable rental performance and the contribution of the newly opened Sela Park Casablanca. Investment activity accelerated, with cash‑outflows of 129 million MAD in Q1, mainly for a mixed‑use project in Casablanca and two renovation programmes. Debt levels remained stable and the company continued to progress on its strategic initiatives, including a solar‑PV rollout and the launch of a Family Entertainment Center.

May 21st, 2026
2 min read
By boursenews.ma

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Q1 2026 Shows Strong Revenue Growth

Aradei Capital reported consolidated IFRS revenue of 160 million MAD as of 31 March 2026, up from 150 million MAD for the same period in 2025 – a near 7 % increase. The uplift stems from the unchanged portfolio’s performance and the addition of Sela Park Casablanca, which started operations in November 2025.

Social Revenue Also Climbs

Social (rental) revenue rose to 57 million MAD at the end of March 2026, compared with 51 million MAD a year earlier, marking an 11 % jump.

Strategic Investments Accelerate

Cash outflows for Q1 2026 totalled 129 million MAD, more than double the 54 million MAD disbursed by the end of March 2025. The bulk of this spending is allocated to:

  • A mixed‑use development (≈ 60,000 m²) at the south entrance of Casablanca.
  • Renovation projects for the Almazar and Borj Fez assets, aimed at modernising commercial space and enhancing customer experience.

Optimised Debt Structure

Gross debt stood at 3.367 million MAD on 31 March 2026, slightly lower than the 3.411 million MAD recorded at year‑end 2025. Debt composition is roughly 60 % bank loans, 30 % bonds, and 10 % treasury bills. Net debt (gross debt less cash) was 2.853 million MAD, up modestly from 2.805 million MAD at the end of 2025.

Key Milestones

  • Continuation of the flagship mixed‑use project (60,000 m²) in Casablanca.
  • Progress on Almazar and Borj Fez renovation programmes.
  • Launch in late January of the first Family Entertainment Center "WAW" (≈ 4,000 m²) inside Sela Park, operated by subsidiary Best Leisure.
  • Joint solar‑photovoltaic programme with LabelVie targeting 60 sites, with an initial phase set for 2026 and a total installed capacity of 4 MWc for Aradei Capital.

Consolidation Scope

No material changes to the consolidation perimeter were reported during the quarter.

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