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    RDS   MA0000012239

RÉSIDENCES DAR SAADA S.A

(RDS)
  Report
End-of-day quote. End-of-day quote Casablanca Stock Exchange - 01/19
31.14 MAD   +2.10%
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Residences Dar Saada S A : Q3 2020 financial communication

12/01/2020 | 10:19am EST

Quarterly Financial communication

Third quarter 2020

Press Release

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

Consolidated Turnover

MAD 568 M

Presales

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.

Presales (units)

Q1

Cumulated to SeptemberQ2

Q3

Turnover

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

Debt *

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)

September 2019

September 2020

Bank Debts SecuritizationBond Leasing

Consolidation Scope

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;

    Q1

    Q2

    Q3

    Cumulated to September

  • Focus on the completion of projects under construction, regardless of the segment, and development of projects with a high presale rate.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Residences Dar Saada SA published this content on 30 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2020 15:18:01 UTC


© Publicnow 2020
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Financials
Sales 2021 - - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 44,5x
Yield 2021 -
Capitalization 816 M 88,1 M 88,1 M
Capi. / Sales 2021 -
Capi. / Sales 2022 -
Nbr of Employees -
Free-Float 47,2%
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Managers and Directors
Fayçal Idrissi Qaitouni Chief Executive Officer & Deputy GM-Finance
Hicham Berrada Sounni Chairman
Jalal Aziman Deputy General Manager-Technology
Adil Douiri Independent Director
Abdelali Berrada Sounni Director