Billionaire Anas Sefrioui's Addoha posts 70% profit jump to 516 million dirhams as Morocco's largest property developer shifts to value-driven growth

Douja Promotion Groupe Addoha, Morocco's largest listed real estate developer and the vehicle through which billionaire Anas Sefrioui built his fortune, posted a 70% rise in consolidated net profit in 2025, reaching 516 million dirhams ($55.13 million), as the company's strategy of tighter project selection and improved execution delivered significantly stronger earnings despite only modest top-line growth.

Revenue for the year rose 4% to 2.7 billion dirhams ($288.45 million), supported by completed projects in Morocco, Côte d'Ivoire and Guinea. The modest reported revenue growth understates the underlying trajectory. Under Morocco's previous real estate accounting standards, revenue would have reached 3.5 billion dirhams ($373.91 million). New accounting rules introduced in January 2025 altered the timing of revenue recognition across the sector, compressing the reported figure without affecting the pace of actual construction or sales activity.

The company's profitability recovery was driven by operational discipline rather than volume expansion. Addoha has been transitioning for several years away from the high-volume, thin-margin affordable housing model that defined its early growth under Sefrioui, moving toward a more selective development approach that prioritises project quality, execution speed and return on capital.

The balance sheet remained stable through the growth. Net debt held at 4.385 billion dirhams ($468.99 million) even as construction activity intensified across the company's project pipeline, reflecting disciplined capital deployment. The gearing ratio stood at 30%, and consolidated equity rose to 10.4 billion dirhams ($1.11 billion), reinforcing the company's long-term financial footing.

Sefrioui and the business he built

Anas Sefrioui founded Addoha in 1988, entering Morocco's real estate industry as the son of a plaster manufacturer with an early focus on affordable and social housing. He built the company on government-backed contracts for subsidised housing programmes during Morocco's rapid urbanisation, scaling rapidly through the 1990s and into the 2000s. Addoha listed on the Casablanca Stock Exchange in 2006, and Sefrioui has maintained a controlling stake of approximately 64.78%, equivalent to roughly 260.7 million shares. His net worth is estimated at approximately $1.5 billion to $1.6 billion, with the majority tied to his Addoha position.

The company's geographic reach now spans Morocco's major cities including Casablanca, Rabat, Tangier, Marrakech and Fes, alongside West African operations in Côte d'Ivoire and Guinea. In early 2026, Sefrioui committed approximately $300 million to a luxury residential development in Abidjan, signalling an accelerating push into West Africa's premium property segment.

Addoha has also secured contracts for more than 5,000 rehousing units across Casablanca, Rabat and Marrakech in Morocco, projects expected to generate approximately MAD 1.2 billion ($120 million) in revenue and provide a stable income base alongside higher-margin developments. A residential project in Morocco's premium segment carries an estimated revenue potential of MAD 12 billion ($1.2 billion), pointing to the scale of the company's longer-term pipeline.

Beyond Addoha, Sefrioui holds full ownership of Ciments de l'Afrique, known as CIMAF, a cement manufacturer with plants and distribution networks across West Africa including Senegal, Mali and Ghana, diversifying his exposure beyond the housing sector.

The 2025 results confirm that Addoha's repositioning is producing measurable financial returns. The challenge ahead is sustaining that profit improvement while managing a development pipeline that spans multiple African markets with different regulatory environments, demand profiles and financing conditions. The company's decision to hold net debt flat during a year of intensified construction suggests the financial framework is in place to support that ambition.