Casablanca – AKDITAL is continuing to expand its private healthcare network in Morocco while increasing its presence in international markets, particularly Saudi Arabia, after reporting stronger financial results during the first half of 2026. The Moroccan healthcare group generated revenue of about $255.7 million during the first six months of the year, representing an increase of 19% compared with the same period of 2025.
The performance reflects the growing contribution of recently opened facilities, additional hospital capacity and continued activity across AKDITAL’s established network. The group is also preparing for another phase of expansion outside Morocco, with Saudi Arabia emerging as the main focus of its international strategy.
Revenue growth accelerates in the second quarter
AKDITAL’s consolidated revenue reached approximately $132 million during the second quarter of 2026, up 11% from the same quarter a year earlier and 10% from the first quarter.
The increase came as new facilities gradually increased their contribution to the group’s overall activity. AKDITAL opened four additional facilities during the second quarter, bringing its Moroccan network to 45 establishments by the end of June. Total capacity reached 4,864 beds, including 359 beds added during the quarter.
The expansion has also changed the geographic distribution of the group’s network. By the end of June, 68% of AKDITAL’s available beds were located outside the Casablanca-Rabat corridor. Facilities outside that axis accounted for 71% of hospital admissions, highlighting the group’s growing presence in other parts of Morocco.
The company had 41 facilities and 4,505 beds at the end of 2025, when annual revenue surpassed approximately $412 million for the first time. Its network expansion therefore continued at a relatively rapid pace during the first half of 2026.
Full-year revenue forecast exceeds $625 million
Financial research firm BKGR expects AKDITAL’s revenue to increase by 37.6% during 2026 to around $625.8 million. It also forecasts EBITDA of approximately $165 million, representing growth of 33.6%.
The projections would represent a significant increase from the group’s 2025 revenue and reflect the contribution of new Moroccan facilities alongside the initial impact of its international expansion.
The second half of 2026 will be particularly important for the group as recently opened Moroccan establishments continue to increase their activity and overseas projects move closer to operational stages.
The forecasts also come as AKDITAL is changing the structure of its international operations. During the second quarter, AKDITAL International was incorporated into the group’s consolidated perimeter, while AKDITAL International Company was established in Saudi Arabia to oversee development in the Middle East and parts of Africa.
Saudi Arabia becomes a central part of the strategy
Saudi Arabia is increasingly important to AKDITAL’s international expansion plans. In August, Arab Invest acquired a 15% stake in AKDITAL International Company, the group’s Riyadh-based international holding structure.
The partnership is intended to strengthen the financing and regional development of AKDITAL’s international projects. Arab Invest brings investment capacity, regional connections and a presence across Arab markets, while AKDITAL contributes its experience in developing, managing and operating healthcare facilities. The value of the 15% transaction was not disclosed.
AKDITAL currently has four hospital projects under development in Saudi Arabia: two in Riyadh, one in Mecca and another in Jeddah. The Jeddah project involves the Aladwani Hospital, an existing facility with capacity for up to 120 beds that AKDITAL plans to equip, manage and operate. Its opening is expected during the first quarter of 2027.
The company had previously announced a broader Saudi expansion program involving an overall envelope of about $1.4 billion through 2030. The investment framework covers real estate development, operating expenses and medical equipment and fit-out requirements.
AKDITAL is targeting more than 2,000 beds outside Morocco by 2030. The group has also indicated that international operations could account for around 35% of consolidated revenue by that time, although the actual contribution will depend on the timing of project openings and their subsequent ramp-up.
Investment spending declines as earlier expansion cycle eases
Despite the expansion plans, AKDITAL’s investment spending declined sharply during the first half of 2026. Net consolidated investment amounted to approximately $41.5 million, compared with about $99.6 million during the same period of 2025, a decrease of 58%.
The decline was particularly visible during the second quarter. Net investment fell to roughly $8 million, compared with approximately $85.7 million in the second quarter of 2025.
The comparison is partly influenced by the high level of investment recorded during the previous year, when AKDITAL carried out several expansion and external growth operations. During the first half of 2026, spending was directed toward the development of international projects in Saudi Arabia and the United Arab Emirates, as well as the equipment of newly opened Moroccan facilities and maintenance of the existing network.
Around $17.3 million of the first-half investment was allocated to advancing projects in Saudi Arabia and the United Arab Emirates.
Debt increases alongside expansion
AKDITAL’s expansion has also been accompanied by a rise in its net debt. Consolidated net debt reached approximately $506.8 million at the end of June, up 15% from the end of 2025.
The group’s financing structure was also affected by a private bond issuance of approximately $30.9 million during the second quarter. This brought total outstanding bonds to around $154.6 million. The additional financing is linked in part to the group’s international development program.
The increase in debt comes as AKDITAL seeks to balance continued domestic expansion with a larger international investment program. The strategy requires substantial capital for hospital construction, acquisitions, medical equipment, staffing and the subsequent operation of new facilities.
Moroccan expansion remains a major source of growth
International expansion is gaining importance, but Morocco remains the group’s main operating base. AKDITAL plans to increase its domestic network to 59 establishments across more than 29 cities by 2028, with total capacity expected to exceed 6,000 beds.
The group has been expanding beyond Morocco’s largest urban centers, with most of its current capacity already located outside the Casablanca-Rabat axis. This geographical expansion is intended to increase access to private healthcare services in different regions while also broadening AKDITAL’s potential patient base.
The company employed more than 10,000 people by the end of June 2026, according to recent reporting on its first-half results, reflecting the additional staffing requirements associated with its growing network. During the first six months of the year, its facilities also recorded activity across several specialized areas, including cardiac surgery, coronary interventions and cancer treatment.
A broader regional healthcare strategy
AKDITAL’s latest results point to a business model that is increasingly based on two parallel expansion tracks. In Morocco, the group is continuing to add hospitals and beds in new cities while increasing the utilization of facilities opened in recent years. Internationally, it is building a platform designed to establish a presence in selected Middle Eastern and North African markets.
The entry of Arab Invest into the Saudi-based international holding company provides another source of regional support as AKDITAL develops its overseas projects. The partnership also comes at a time when the group is seeking additional financing and investment partners for its international program. AKDITAL had previously indicated that it planned to open part of its international structure to outside investors, with Arab Invest’s 15% participation representing part of that strategy.
For 2026, the immediate focus will be on maintaining revenue growth in Morocco while progressing projects in Saudi Arabia and the United Arab Emirates. If the group’s facilities continue to increase their contribution as they mature, and if overseas projects advance according to schedule, international operations could become a progressively larger component of AKDITAL’s revenue base.
The projected $625.8 million in 2026 revenue would mark another significant increase for the group, but the expansion also leaves AKDITAL with higher financing requirements and increased debt. Its performance over the coming quarters will therefore depend on how quickly newly opened facilities reach higher utilization levels and how effectively the group manages the capital requirements of its international expansion.
