Residences Dar Saada stock: Presales surge to 16,168 homes

Residences Dar Saada is expanding its commercial pipeline faster than its reported revenue. In an analysis published on September 30, 2026, Dirham Digest reported that the Moroccan housing developer's first-half presales were driven by relocation agreements in Marrakech.

Presales rise before deliveries

The agreements lifted presales to 16,168 housing units in the first half of 2026, from 1,132 units a year earlier. A large majority came from the Marrakech program, including units attributed to Résidences Dar Saada and the affiliated RDS X entity.

The commercial pipeline is substantial, but the revenue effect will arrive progressively. Dirham Digest reported secured revenue of about 3.8 billion Moroccan dirhams from the Marrakech agreements and total forward sales of 7.5 billion dirhams across the group's announced programs for the next three years.

Construction progress is therefore central to the outlook. The analysis said 6,000 Casablanca units had been completed by the publication date, while about 14,500 units remained under construction. Initial deliveries were expected in the second half of 2026, making handovers the next operational milestone for converting presales into reported revenue.

Profit benefits from lower financing costs

First-half revenue reached 208.8 million Moroccan dirhams, up from 162.1 million a year earlier. Consolidated net profit rose to 19.7 million dirhams from 6.5 million, helped by a sharp improvement in the financial result: the deficit narrowed to 2.7 million dirhams from 23.2 million.

The earnings improvement was not driven by stronger operating profitability. Operating profit fell to 23.9 million dirhams from 35 million despite higher revenue. The company also recorded a net cash outflow of 66.2 million dirhams during the first half, while inventory and work in progress increased to 5.442 billion dirhams at the end of June.

Execution remains the key investor focus

The figures point to a business in transition from securing large housing programs to delivering them. Investors will likely focus on the pace of Casablanca and Marrakech handovers, the timing of revenue recognition and whether working-capital demands remain manageable.

Residences Dar Saada develops affordable and mid-market apartments, villas, land lots, commercial units and duplexes across Moroccan cities including Casablanca, Marrakech, Tangier and Fez, according to the company's corporate website. Its competitive set includes Moroccan residential developers Addoha and Alliances; Résidences Dar Saada is particularly focused on affordable and mid-market housing projects and convention-backed relocation programs.

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Further company developments should be assessed against delivery progress, cash consumption and the conversion of presales into completed homes and recognized revenue.