Moroccan billionaire Anas Sefrioui's property firm lifts first-half profit 20%

Groupe Addoha, the Moroccan housing developer founded and controlled by billionaire Anas Sefrioui, reported a 20% rise in first-half net profit and said it has about 12.9 billion dirhams ($1.31 billion) of presold homes that have yet to be recorded as revenue, giving the company a clear view of earnings for the next several years.

Consolidated net profit rose to 336 million dirhams ($34.2 million) in the six months through June, from 280 million dirhams ($28.5 million) a year earlier, according to the half-year results approved by the board on Sept. 28. Profit attributable to shareholders of the group increased 13% to 299 million dirhams ($30.4 million), and the net margin widened two percentage points to 24%.

Revenue grew 9% to 1.41 billion dirhams ($143.4 million). Current operating profit jumped 79% to 302 million dirhams ($30.8 million), lifting the operating margin to 21% from 13%.

The results extend a recovery at Addoha, one of Morocco's largest homebuilders, after a multi-year restructuring of its finances. The company reported net profit of more than 500 million dirhams ($50.9 million) for 2025, a 64% increase, and said at the time that it had completed a strategic phase of its financial restructuring.

Presales and the order book

Addoha presold 5,557 homes in the first half, up 11% from 5,018 a year earlier, while completed sales, the point at which units are handed over and booked, climbed 36% to 3,848. Subsidiaries in West Africa accounted for 18% of presales and 26% of completed sales.

The 12.9 billion dirhams of secured revenue, measured as of Sept. 25, compares with 11.7 billion dirhams ($1.19 billion) when the company released its full-year 2025 figures. Morocco makes up 9.2 billion dirhams ($936.9 million) of that total, and West Africa the remaining 3.7 billion dirhams ($376.8 million), or 29%.

The company has 23,791 homes under construction, 35% of them outside Morocco, with potential revenue estimated at 19.8 billion dirhams ($2.02 billion). More than 9,000 of those units are at least 70% complete, according to the company. Addoha completed 3,548 homes in the first half.

The company said in its results statement that the order book gives it strong visibility to keep growing earnings.

Reported revenue understates the volume of business because of a new accounting plan for Morocco's real estate sector that took effect on Jan. 1, 2025 and changed when developers recognize sales. Under the previous method, first-half revenue would have been about 1.98 billion dirhams ($201.6 million), according to figures reported by Le Matin in August.

Balance sheet

Net debt stood at 5 billion dirhams ($509.2 million) at the end of June, and gearing remained below 32%, the company said. Shareholders' equity rose by 333 million dirhams from the end of 2025 to 10.7 billion dirhams ($1.09 billion). Working capital tied up in projects and land reserves totaled 14.9 billion dirhams ($1.52 billion).

Outside Morocco, Addoha has completed nearly 700 homes in Côte d'Ivoire and about 100 in Guinea. Its domestic projects span Casablanca, Rabat, Marrakech, Agadir, Tangier and Oujda. In Casablanca's Dar Bouazza area the company is developing Blanca City Park, an upscale housing project it has said carries potential revenue of 12 billion dirhams ($1.22 billion), and in Abidjan it is building a mixed-use complex with offices, a shopping center and four high-end residential towers.

Sefrioui, 68, started Addoha in 1988 and built it into one of the country's largest builders of low-cost housing before listing it on the Casablanca Stock Exchange in 2006. He remains chairman and chief executive, and he chaired the Sept. 28 board meeting that approved the half-year accounts. He held 64.8% of the company, according to the most recent shareholder table published by Morocco's capital markets regulator, the AMMC.

Sefrioui's net worth was estimated at $1.3 billion in the Forbes 2026 ranking of Africa's billionaires, down $300 million from a year earlier after Addoha shares fell more than 30%. He was one of three Moroccans on the list, alongside banker Othman Benjelloun and Prime Minister Aziz Akhannouch.