The net result of the group Alliances was 93 million dirhams in the first half of 2019, against 112 million dirhams in the same period a year ago, said Friday in Casablanca the real estate group.
Consolidated net profit amounted to 102 million dirhams at the end of last June, compared with 123 million dirhams a year earlier, confirming the Group’s continued ability to earn profits, said Alliances Chief Operating Officer Mohamed Lazraq, at a press conference dedicated to the Group’s 2019 half year results.
According to Lazraq, this result is mainly due to the continued efforts to rationalize costs and control costs incurred by the Group. In addition, this variation also comes down to the “drastic” fall in financial expenses in the wake of the ongoing reduction in debt.
Regarding the consolidated turnover, it reached for the first half a total of 1.054 billion dirhams, against 1.798 billion dirhams during the same period of the year 2018, he said, specifying that the one of 2018 included 1.3 billion dirhams and 446 million dirhams of turnover generated by commercial activity, unlike turnover in 2019 which does not include any statements.
The strong growth in net sales reflects the revival of the Group’s operational activity, explained Lazraq.
On the other hand, the Group’s net debt decreased by MAD 320 million in the first half of 2019. It decreased by MAD 860 million in the last twelve months to MAD 2.2 billion at June 30, 2019.
This significant decrease in net debt reflects the Group’s return to sound fundamentals and a sound financial structure with a gearing ratio of 39% as of June 30, 2019.
In perspective, all projects launched in 2018 are progressing according to plan and will contribute significantly to the Group’s results as of 2020.
In fact, the Alliances Group has launched 6 new projects for the construction of more than 9,900 housing units nationwide. In addition, 9 projects currently in the final phase of study by the Group should be implemented.
In Africa, the Group is continuing its development drive with certainty. In Cameroon, the turnkey construction project for 8 hospitals, 800 housing units and renovation of 3 technical platforms saw the first deliveries occur in 2018 for a total delivery of the operation in the first half of 2020.
In addition, other development opportunities are being realized, concluded the head of the Group.