Happened on the stock Exchange in a difficult context for the real estate sector, Espaces Saada has had to suffer the wrath of the market.
Since then, the Stock price is recovering, driven by an improvement in financial indicators, a backlog garni and promising perspectives for the social housing, specialty, sponsor, in Morocco as well as in sub-saharan Africa.
“We got in a difficult market environment for our sector. Operators would lighten up on the sector without stock picking,” explains Khalil Mengad, director of Strategy and institutional Relations. But this framework has not prevented the action to be sursouscrite 4 times. The company, which introduced the capital increase, wanted at the time to raise funds to finance its investment program. Since then, the fog that has surrounded the sector has gradually dissipated, giving way to an upturn of the real estate listed. The 26th of October, the action wins 31,64% since the beginning of the year. “We have delivered what we have promised and we will maintain our targets for the end of the year,” says Mengad. As a reminder, the company has achieved a turnover of 879 DH in the first half, up 30% compared to the same period in 2015, while the net income reached 168 million dirhams, up 9% compared to the first half of 2015, against a forecast of 141 million dirhams initially. “We have another 12,000 units to be delivered, which represents 2 years of sales secure”, ad Mengad.
The sector is not in crisis
“Contrary to what you may read in the press, the flow of information arriving from the promoters or of the guardianship authority, shows that not only the demand is there, but that in addition, the offer is likely to pack in a few years,” says Mengad. “The offer in the social went from 130,000 units launched in 2012, to 40,000 in 2014 and 60,000 in 2015, according to figures from the ministry of housing. In front, some 500,000 households moroccans seek to acquire an apartment in the 24 months to come. 65% of these households have a suitable budget for social housing”, said Mengad, referring to a recent study by the ministry of housing. On the other hand, the specialist of social housing does not believe that the battle is won in advance. For him, this need must be converted into a demand and, for this, it refers to more macro-economic households ‘ confidence in their employment, which may push them into debt, or the terms and conditions of granting of credits by banks.