Casablanca – The real estate group Addoha recorded a remarkable performance in 2024, marked by a strong increase in revenue and an acceleration in production. Through a strategy of geographic diversification and adaptation to market dynamics, the company is consolidating its position both in Morocco and West Africa.

Sustained revenue growth

Addoha’s consolidated revenue reached $268 million in 2024, representing a 21% increase compared to the previous year. The growth was particularly notable in the fourth quarter, where the group recorded revenue of $67.3 million, a 71% year-over-year increase.

This performance is supported by a positive real estate market trend, driven by the introduction of direct housing subsidies in Morocco and increased demand for affordable and mid-range housing. As a result, Addoha recorded 10,697 pre-sold units in 2024, a 15% increase compared to 2023. West African subsidiaries contributed 21% to these pre-sales, confirming their growing role in the group’s strategy.

Accelerated production and positive outlook

In parallel with increased sales, Addoha has intensified its real estate production. In 2024, the group delivered 10,376 units, a significant increase compared to the 7,281 units delivered in 2023, representing a 43% growth. This acceleration is part of a strategic plan aimed at optimizing supply and meeting sustained demand.

Currently, 18,853 units are under construction, 33% of which are located in West Africa. Once delivered, these units are expected to generate total revenue estimated at $1.19 billion, highlighting the group’s development potential on the continent.

Strategic expansion in Morocco and internationally

Addoha continues its expansion in several major Moroccan cities, including Casablanca, Rabat, Marrakech, Tangier, Oujda, Agadir, and Laâyoune. New projects, including the validation of 10,000 affordable and mid-range housing units in Casablanca, as well as the launch of 400 units within the Riyad Al Andalous project in Rabat, further strengthen the group’s presence in the national market.

Internationally, Addoha is actively developing its activities in West Africa, a rapidly growing market. The group is currently constructing 1,600 units in Libreville under a government agreement for the construction of 5,000 housing units in Gabon. Two other projects, representing 2,000 units, are also underway in Cameroon. Additionally, the cities of Abidjan, Conakry, and Dakar are among the strategic growth hubs for the company.

Financial optimization and debt reduction

Despite increasing its investments, Addoha successfully reduced its net debt by $20.6 million in 2024, bringing it down to $422 million by the end of the year. This reduction is part of a financial optimization approach aimed at ensuring sustainable growth while maintaining strict resource management.

Furthermore, the group recently launched a fundraising initiative of $77.3 million through a bond issuance secured by a mortgage on the “Bled Ouled Sbita” property in Salé-Bouknadel, covering an area of 346 hectares. This operation, reserved for existing bondholders, aims to strengthen the group’s financial resources and support its expansion strategy.

Promising prospects

With these solid results, Addoha enters 2025 with promising prospects. The Moroccan real estate environment remains favorable due to government housing support policies, while the African market continues to offer new growth opportunities. Through its geographic expansion, diversified offerings, and optimized financial management, the group is well-positioned to continue its development and consolidate its status as a leader in the real estate sector.