Profits soar by 95% in the first half

Tuesday 01st October 2024 01:49 AM

The ADDOHA Group completed the pre-sale of 4,503 units in the first half of 2024, for a value of MAD 2.5 billion. This value of pre-sales shows an increase of 9% compared to the same period of 2023. Subsidiaries in West Africa contributed 30% to this achievement. The Group’s secure turnover to date stands at nearly MAD 10 billion. Subsidiaries in West Africa contribute 37% PRODUCTION The resumption of production in Morocco is confirmed in H1 2024. Consolidated production finalized for the first half of 2024 amounts to 4,918 units.

The number of units in production is 17,204 units, including 35% in West Africa. This current production corresponds to a potential turnover of MAD 10.3 billion and will strongly contribute to the Group’s achievements in the short term.

PROFITABILITY INDICATORS TURNOVER

The turnover for the first half of 2024 stands at nearly 1.7 billion MMAD and shows an increase of 20% compared to the first half of 2023.

GROSS MARGIN: The consolidated gross margin or June 30, 2024 stands at MAD 386 million, corresponding to a gross margin rate of 23%. This gross margin rate has improved by 2 points compared to the same period in 2023.

RESULT OF OPERATIONAL ACTIVITIES: The result of operational activities for H1 2024 stands at 335 MMAD compared to 208 MMAD in 51 2023. The operating margin rate improves by 5 points, going from 15% as of June 30, 2023 to 20 % as of June 30, 2024.

NET RESULT SHARE OF THE GROUP: The RNPG stands at 186 MMAD as of June 30, 2024 compared to 95 MMAD as of June 30, 2023, an increase of +95%. This achievement was achieved thanks to the increase in turnover and improvement in operating margin. The RNPG experienced a significant increase over the 3 periods considered:

BALANCE SHEET INDICATORS Despite the significant increase in production during the first half of 2024, the Group maintains the balance of its financial structure: The WCR was stabilized at around MAD 13 billion as of June 30, 2024, integrating the land reserve into inventories. the Group’s net debt decreased by 76 MMAD compared to December 31, 2023 and stood at nearly 4.2 billion MAD. Gearing as of June 30, 2024 remains largely controlled at a level of 30%. Consolidated equity is of the order of MAD 10.1 billion.