Douja Promotion Groupe Addoha (ADH), a Casablanca-based property developer majority owned by Moroccan businessman Anas Sefrioui, achieved a remarkable turnaround in its operations at the end of its 2022 fiscal year, following the previous year’s losses.
According to the company’s recently published financial results, it has reported a profit of over $3.6 million at the end of its 2022 fiscal year, a significant improvement from the previous year’s loss of $8.6 million.
The company’s outstanding performance in its home country of Morocco, where its production program experienced a gradual recovery, has had a positive impact on sales and profitability, contributing significantly to the earnings rebound.
Moroccan real estate developer and operator Douja Promotion Groupe Addoha (ADH) is the largest of its kind in the country, boasting real estate programs and investments across North Africa. Sefrioui, one of Morocco’s richest people, owns a controlling stake of 64.1 percent in the company, or 258,066,665 shares.
The firm specializes in the development of affordable housing and has a presence in numerous cities and towns across Morocco, including Casablanca, Ain Aouda, Al Jadida, Tetouan, Beni Mellal, Marrakech, Fes, Sale, Tanger, Tamesna, Meknes, Rabat, Kenitra, and Fgih Ben Saleh.
In 2022, ADH reported a 15-percent increase in its revenue, from MAD1.197 billion ($117.9 million) to MAD1.378 billion ($135.5 million), due to its successful completion of 2,303 housing units, up from 1,423 housing units in 2021.
The group’s operations in West Africa also played a major role in its financial performance, contributing 30 percent to its revenue in 2022, up from 29 percent the previous year.
The region’s total revenue increased from MAD347 million ($34.1 million) to MAD410 million ($40.26 million), further highlighting the group’s expansion into the African real estate market.
Despite a modest two-percent increase in pre-sold units from 8,163 to 8,331 compared to 2021, the group’s West African subsidiaries have steadily increased their contribution to the company’s pre-sales over the years, rising from 17 percent in 2019 to an impressive 43 percent in 2022.