Quarterly Financial communication
Third quarter 2020
The third quarter was marked by a recovery in real estate activity following the lifting of lockdown applied in the country. Consequently, the performance of the Group, at the end of the third quarter, was marked by a rebound of presales, an increase in turnover and by a control of the overall debt compared to the same period of 2019.
Key indicators at the end of September 2020
Presales 1 991 Units
MAD 568 M
The third quarter was marked by a gradual recovery of pre-sales after the end of confinement, until reaching an usual pace after the feast of sacrifice. Thus, the presold units reached 1,121 units during the period, approximately the same level recorded during the same period of 2019.
Cumulated to SeptemberQ2
Résidences Dar Saada continues its marketing and sales policy towards selling of finished products. Therefore, the turnover achieved during the third quarter stands at MAD 98 million against MAD 88 million during the same period of 2019, hence an increase of 11%.
Almost all the turnover comes from units developed by Résidences Dar Saada Ltd.
The turnover's trend by period is as follows :
Turnover (MAD Million)
*Including leasing, the application of IFRS 16 and excluding cash
Global Debt* MAD 2.72 Billion
The overall debt at the end of September 2020, including leasing, the application of IFRS 16 and excluding cash, stands at MAD 2.72 billion, compared to 2.83 billion DH at the end of September 2019, thus a decrease of 4%.
The global debt is detailed as follows:
Debt (MAD Million)
Bank Debts SecuritizationBond Leasing
No change in the scope of consolidation has occurred compared to the end of 2019.
Investment - Land reserve
Rent (IFRS 16)
Résidences Dar Saada group did not make any land acquisition during the third quarter of 2020.
Adaptation of the development plan to face the current crisis
The gradual recovery of real estate activity during the third quarter will limit the negative consequences linked to the shutdown of the real estate sector during the second quarter of the year. However, the current health crisis will have a significant impact on the group's performance in 2020.
In order to deal with the current situation, we have adopted new priorities :
• Suspension of new land acquisition for better control of the working capital;
• Maintaining the sales policy of finished products inventory;
Cumulated to September
• Focus on the completion of projects under construction, regardless of the segment, and development of projects with a high presale rate.
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