Alliances Group, a Casablanca-based property developer led by Moroccan real estate magnate Alami Lazraq, has reported a double-digit percent rise in its consolidated revenue in 2021 despite the impact of the pandemic crisis on the real estate industry.
According to data from the group’s activity indicators for the fourth quarter of 2021, revenue rose by 11 percent in 2021 from MAD1.27 billion ($134.1 million) in 2020 to MAD1.4 billion ($147.8 million), owing to an increase in demand for real estate goods during the year.
The group explained that the strong earnings growth in 2021 and the impressive financial performance delivered during the period are the result of its strategic plan to strengthen operations through the implementation of its development plan for 2022-2025.
Despite a two-percent decrease in pre-sales in the fourth quarter of the year from 798 to 781 units, cumulative pre-sales for 2021 climbed 42 percent from 2,177 units in 2020 to 3,100 units in 2021.
As of Dec. 31, 2021, the group had a backlog of orders amounting to 7,754 units for secure sales of around MAD3.2 billion ($337.9 million), providing the real estate firm with the much-needed boost that it required for sustainable revenue growth in 2022.
While commenting on the performance, Lazraq, the founding president of Alliances, said the organization met its goals for the year despite the crisis surrounding the COVID-19 pandemic.
He stated that activity indicators showed generally satisfactory performance, with a managed level of debt, taking into consideration the additional funding for the execution of projects in Morocco’s center and south.
Alliances is a holding company located in Morocco with a broad portfolio of real estate assets around the nation. Lazraq holds 51.7 percent of its publicly traded firm, Alliances Developpement Immobilier SA, or 11,410,669 ordinary shares.
The steady rise in Alliances’ revenue has cemented its position as a prominent participant in the Moroccan real estate business, alongside other companies such as Douja Promotion Groupe Addoha, Residences Dar Saada S.A. and Delta Holding S.A.
As of press time on Feb, 24, shares in Alliances Developpement Immobilier SA were trading at MAD62.85 ($6.63), 5.99-percent higher than their market-opening price on the local exchange yesterday.
The group’s market capitalization is now MAD1.39 billion ($146.8 million), while Lazraq’s 51.7-percent share in the real estate developer is assessed at MAD718.6 million ($75.9 million).
