The results of Douja Promotion Groupe Addoha billionaire Anas Sefrioui are well below expectations.
The Moroccan real estate group, quoted on the Casablanca Stock Exchange, indicates in a note that its consolidated turnover for 2018 would be lower than that of 2017. The first half of the current year is down 15% compared to last year, “consequently affecting consolidated net income and operating cash flow”, we read in the text.
Presales, which will be recognized in sales over the next 18 months, are nearly Dh900 million (€ 90 million) for medium-sized projects and Dh800 million for projects in Africa, of which to 300 million dirhams in 2018 in accordance with PAC 2020 Plan “, the statement said.
The promoter tries to reassure by evoking equity representing twice his market capitalization and a gearing (debt on equity) of 33%. Certainly not enough to sweep away the reluctance of a sulky stock market of low value.
The announced acceleration of growth drivers, including projects of middle class and projects in West Africa, will it be the solution to the crisis for a group decidedly far from the euphoria that accompanied its introduction scholar in 2006?
At least, this profit warning confirms market rumors, the content of an anonymous letter sent at the end of June and, above all, a 49% drop in the company’s share price since the announcement of its 2017 results.
