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Moroccan multimillionaire businessman Anas Sefrioui has seen the market value of his stake in Casablanca-based property developer Douja Promotion Groupe Addoha (ADH) decline by MAD136.78 million ($13.51 million) since the start of the year.
ADH is the largest property developer and operator in Morocco, with real estate programs and investments throughout the North African country. Sefrioui, one of Morocco’s wealthiest businessmen, owns a 64.1-percent stake in the Moroccan property developer.
The real estate group develops low-cost housing in Morocco. Its properties are located in towns and cities including Casablanca, Ain Aouda, Al Jadida, Tetouan, Beni Mellal, Marrakech, Fes, Sale, Tanger, Tamesna, Meknes, Sale, Rabat, Kenitra, and Fgih Ben Saleh, among others.
Since the start of the year, ADH’s share price has fell by 8.4 percent from MAD6.28 ($0.62) on January 1 to MAD5.75 ($0.568) on April 22, resulting in losses of millions of dollars to investors and shareholders, including Sefrioui, who ranks as one of the wealthiest investors on the Casablanca bourse.
The Moroccan group’s financial resilience at the end of its 2022 fiscal year has failed to dissuade investors on the Casablanca bourse from offloading their stakes, resulting in a protracted sell-off and a corresponding dip in the company’s valuation.
Sefrioui, the founder of the Casablanca-based property developer, has taken a considerable hit in his fortune as the company’s share price decline erased MAD136.78 million ($13.51 million) from his stake in the firm since the year began, reducing his holdings from MAD1.62 billion ($160.1 million) on January 1 to MAD1.48 billion ($146.58 million) as of April 22.
Despite reporting a profit of more than $3.6 million at the end of its 2022 fiscal year — a notable improvement from the previous year’s loss of $8.6 million — the company’s share price has been on a downward trend.
The exceptional performance of the company’s production program in its home country of Morocco, which experienced a gradual recovery, has had a positive impact on sales and profitability.
This outstanding performance has significantly contributed to the earnings rebound, showcasing the company’s potential for growth and value creation.
