Morocco’s leading property developer, Alliances Group, has confirmed an increase in its revenue above the MAD340-million ($37 million) mark in the third quarter of its 2021 financial year.
The increase in its revenue was underpinned by a strong performance of its operations in Morocco during the quarter.
Alliances Group is Morocco’s largest home and hotel builder.
Since Alami Lazraq founded the company in 1994, it has grown into a leading property developer in North Africa, with core operations in residential real estate, golf resorts and services delivery.
The group reported that its revenue in Q3 2021 increased by nine percent to MAD345 million ($37.2 million) compared to the revenue of MAD316 million ($34.1 million) that it reported in the corresponding quarter of 2020.
Its operations in Morocco, which soared by 79 percent to MAD280 million ($30.2 million), spurred the resilient performance that it delivered in the period under review.
So far this year, Alliances has recorded a total order of 7,119 units valued at MAD2.7 billion ($291.3 million) of the total 7,239 housing units that it produced.
It also recorded pre-sales of 766 units in Q3 2021 compared to the 616 units that it recorded last year.
To sustain its financial performance in 2022 and deepen its operations in the real estate industry, Alliances is in the process of completing the land acquisition in the southern region for the imminent launch of a new project.
The project’s completion will place its revenue on the path of growth, as the leading real estate group looks set to deliver on its revenue diversification strategies.
As of midday, Nov. 25, shares in the Morocco-based property developer were worth MAD40.7 ($4.39), up 49 basis points from their opening price on the Casablanca bourse yesterday morning.
At the price, the market value of Lazraq’s 51.7-percent stake was MAD465 million ($50.2 million).