Moroccan multimillionaire businessman Anas Sefrioui has seen the market value of his stake in Casablanca-based property developer Douja Promotion Groupe Addoha (ADH) soar by over $100 million since the start of the year.
ADH is the largest property developer 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.
Sefrioui, the founder of the Casablanca-based property developer, has seen a substantial boost in his wealth so far this year, further solidifying his position as one of the richest investors on the Casablanca bourse and also as one of the country’s richest businessmen.
Since the start of the year, ADH’s share price has surged by 62.90 percent from MAD6.28 ($0.6423) on Jan. 1 to MAD10.23 ($1.046) on August 6, resulting in significant gains to its shareholders, including Sefrioui, who ranks as one of the wealthiest investors on the Casablanca bourse.
As a result of the surge in the company’s shares, the market value of Sefrioui’s stake in ADH has increased by MAD 1.02 billion ($104.26 million) since the start of the year from MAD1.62 billion ($165.8 million) on Jan. 1 to MAD2.64 billion ($270.03 million) at the time of writing.
Having reported 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 an upward trend since the start of the year.
The rebound in the group’s earnings can be linked to its revenue during the period under review, which increased by 15 percent, from MAD1.197 billion ($117.9 million) to MAD1.378 billion ($135.5 million), thanks to the successful completion of 2,303 housing units, up from 1,423 housing units in 2021.
The exceptional performance of the company’s production program in its home country of Morocco, which experienced a gradual recovery, also positively impacted sales and profitability, showcasing the company’s potential for growth and value creation.
