Home / Finance & Economy / Addoha lost 970 million dirhams since the beginning 2019

Addoha lost 970 million dirhams since the beginning 2019

Addoha Group is continuing its downward trend, with the value of the real estate group on the stock market declining by 18 per cent since the beginning of the year, to MAD 13.98 a few days ago.

These figures, together with other data, indicate that 2.14 million shares of Addoha have been traded since January 2, at a total value of MAD 30.15 million. Accordingly, the Group’s market value has moved from MAD 5.47 billion on the last day of last year (31 December 2018) To MAD 4.5 billion in the middle of this month, specifically on January 16, 2019, which means that about 970 million dirhams have gone into the wind in only 10 trading sessions of 2019.

The new figures are not surprising – despite their magnitude – but the question today is how long will the signs of survival continue to be on a downward trend, which is recorded shortly after the announcement of the declaration, the conclusion of an agreement with the General Directorate of Taxation, and here is a tax audit of the Real Estate Group and some of its subsidiaries, between the years 2014 and 2017, and the agreement to make an estimated tax amount of MAD 126 million.

According to some insiders on the Addoha Foundation file, the results recorded in the first two weeks of January can not be considered transparent enough to give an opinion on performance or even talk about future expectations. The vision is not yet clear, to say that the decline will fade or become sharper, so the file is still unclear and more than that, is fraught with a lot of complications.

Not far from this, Addoha announced a significant decline in its annual turnover in 2018, with revenues of MAD 4.1 billion falling, falling by 43.9 per cent compared with the company’s 2017 transactions.

Sefrioui, the billionaire at the helm of the company, said that despite the large decline in the profits of 2018, which led him to the tax audits, the group has maintained its profitability (the decline in profits does not mean the loss of material). It has maintained this thanks to what it considered efforts to improve fixed costs And control their operating and production counterparts.

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