Casablanca – Al Omrane Group, Morocco’s main public operator in housing and urban development, is moving through 2025 with strong financial and operational momentum. Updated results from the first nine months of the year show significant revenue growth, stronger investment activity, and stable debt levels, underscoring the group’s central role in supporting national housing and territorial development policies.

Established in 2004 as part of a restructuring of Morocco’s urban planning and housing sector, Al Omrane operates under the supervision of the Ministry of National Territory Planning, Urban Planning, Housing, and City Policy. Through a holding structure and regional subsidiaries, the group is responsible for implementing public housing programs, eliminating substandard housing, upgrading informal areas, and developing new urban zones.

Revenue growth under both accounting standards

With new accounting rules introduced for the real estate sector in 2025, Al Omrane continues to report figures under both the new and former systems for comparison.

During the first nine months of 2025, revenues reached about $309 million under the new accounting rules. Under the system used before 2025, revenues would have reached approximately $467 million, a 28% increase compared with the same period in 2024.

Third-quarter performance followed the same trend. Revenues totaled around $157 million under the new accounting standards. Under the former rules, revenues for the quarter would have exceeded $168 million, also representing year-on-year growth of 28%.

For the first half of 2025, consolidated revenue stood at roughly $151 million using the new framework. Under the previous system, it would have reached around $299 million, representing a 27% increase from the first half of 2024.

Sales performance and operational activity

Commercial revenues continued to grow steadily. In the first half of 2025, sales reached around $289 million, marking a 5% increase compared with the same period in 2024. The group also finalized 8,136 sales contracts by the end of June, a 2.5% rise year-on-year, signaling stable demand in the national real estate market.

Operational performance also remained solid. Al Omrane launched construction works on 3,607 housing and development units during the first half of the year, maintaining the same production pace recorded in 2024. These projects support national objectives aiming to expand serviced land plots, strengthen social housing supply, and ease demographic pressure on major urban centers.

Investment expansion and project delivery

Investment activity remained one of the group’s strongest drivers in 2025. Total investments during the first nine months reached about $403 million, reflecting 10% growth compared with the same period in 2024. In the third quarter alone, investments amounted to around $130 million.

During the first half of the year, operational investments reached approximately $273 million, marking a 16% year-on-year increase. These funds were directed toward expanding new urban areas, upgrading informal neighborhoods, improving infrastructure, and supporting ongoing social housing programs across multiple regions.

The group’s income by the end of September reached the equivalent of roughly $474 million, reflecting the accumulated results of sales, investments, and development activities during 2025.

Net results and stable debt levels

Al Omrane reported a consolidated net result of around $7.3 million for the first half of 2025 under the new accounting framework. Under the previous system, the net result would have reached about $35.2 million, compared with around $20 million during the same period in 2024.

Debt levels remained stable at approximately $608 million by the end of September 2025. This stability is partly attributed to a $155 million bond issuance completed in April 2025, aimed at supporting long-term development programs and strengthening the group’s financial capacity for large-scale urban projects.

A central actor in Morocco’s urban development strategy

As Morocco continues to advance national efforts to modernize urban centers, eliminate substandard housing, and expand access to affordable housing, Al Omrane remains at the heart of these programs. The group’s 2025 results indicate a strong capacity to sustain investments, deliver operational projects, and maintain financial stability despite changing accounting frameworks and continued demand for urban development.

With rising revenues, increased investment commitments, and ongoing project delivery, Al Omrane is positioned to continue contributing significantly to Morocco’s long-term housing and territorial development objectives.