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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Aradei Capital

ARD · Bourse de Casablanca · Consolidated statements

On this page
Company details
Legal name
Aradei Capital S.A.
Listing
ARD on the Bourse de Casablanca, active · ISIN MA0000012460 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

  • Revenue

    MAD 647 million

    646,897 MAD thousands · p28

    +6.8% vs 2024

  • Operating profit / (loss)

    MAD 734 million

    733,673 MAD thousands · p28

    +41.9% vs 2024

  • Profit / (loss) for the year

    MAD 534 million

    534,413 MAD thousands · p28

    +79.7% vs 2024

  • Total assets

    MAD 9.83 billion

    9,829,559 MAD thousands · p29

    +3.9% vs 2024

  • Total equity

    MAD 5.44 billion

    5,444,531 MAD thousands · p29

    +4.9% vs 2024

  • Cash from operations

    MAD 418 million

    418,058 MAD thousands · p30

    −11.1% vs 2024

Large amounts are rounded for reading (MAD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in MAD thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Revenus locatifs1 609,918 565,469
Autres revenus2 36,979 40,279
Chiffre d'affaires 646,897 605,747
Autres achats et charges externes3 (128,183) (119,937)
Charges de personnel (37,466) (30,790)
Impôts, taxes et versements assimilés4 (3,823) (5,284)
Autres produits et charges opérationnels5 (2,189) (5)
Charges d'exploitation6 (171,662) (156,015)
Excédent brut d'exploitation7 475,236 449,732
Dotations/reprises aux amortissements et provisions sur8 (5,862) (6,563)
Dotations et provisions pour risques et charges9 (2,584) (14,268)
Autres produits et charges exceptionnels10 (20,055) (13,927)
Variation de juste valeur des immeubles de placement11 288,662 102,623
Résultat des cessions d'actifs12 (1,724) (545)
Résultat opérationnel 733,673 517,051
Coût de l'endettement financier brut (143,618) (149,948)
Produits des placements 19,816 20,988
Coût de l'endettement financier net13 (123,802) (128,961)
Autres produits et charges financiers14 14,493 17,411
Résultat courant avant impôt 624,364 405,501
Quote-part de résultat des sociétés mises en équivalence –15 –15
Impôts sur les résultats (89,952) (108,048)
Résultat net des activités maintenues16 534,413 297,453
Résultat des activités destinées à être abandonnées17 –18 –18
Résultat net de la période 534,413 297,453
Résultat net – Participations ne donnant pas le contrôle19 0 0
Résultat net global 534,413 297,453
FFO20 321,673 305,088
  1. Printed “-”, read as nil: subtotal_arithmetic: is.native.co_phznw81f565c.profit_from_continuing_operations.
  2. Printed “-”, read as nil: subtotal_arithmetic: is.profit_for_year.
Notes and alternative reported figures (18)
  1. “Revenus locatifs” is an issuer-specific line, not mapped to a shared definition: Rental revenue.
  2. “Autres revenus” is an issuer-specific line, not mapped to a shared definition: Other revenue.
  3. “Autres achats et charges externes” is an issuer-specific line, not mapped to a shared definition: Note 7.
  4. “Impôts, taxes et versements assimilés” is an issuer-specific line, not mapped to a shared definition: Taxes other than income tax.
  5. “Autres produits et charges opérationnels” is an issuer-specific line, not mapped to a shared definition: Note 11.
  6. “Charges d'exploitation” is an issuer-specific line, not mapped to a shared definition: Subtotal of external charges, staff costs, taxes and other operating items.
  7. “Excédent brut d'exploitation” is an issuer-specific line, not mapped to a shared definition: Gross operating surplus (the communiqué calls it EBITDA).
  8. “Dotations/reprises aux amortissements et provisions sur” is an issuer-specific line, not mapped to a shared definition: Notes 8-9.
  9. “Dotations et provisions pour risques et charges” is an issuer-specific line, not mapped to a shared definition: Notes 8-9.
  10. “Autres produits et charges exceptionnels” is an issuer-specific line, not mapped to a shared definition: Other non-recurring income and charges.
  11. “Variation de juste valeur des immeubles de placement” is an issuer-specific line, not mapped to a shared definition: Note 10: fair value gains on investment property.
  12. “Résultat des cessions d'actifs” is an issuer-specific line, not mapped to a shared definition: Gains or losses on disposals of assets.
  13. “Coût de l'endettement financier net” is an issuer-specific line, not mapped to a shared definition: Note 12: gross financing cost less investment income.
  14. “Autres produits et charges financiers” is an issuer-specific line, not mapped to a shared definition: Note 14.
  15. “Résultat net des activités maintenues” is an issuer-specific line, not mapped to a shared definition: Profit from continuing operations.
  16. “Résultat des activités destinées à être abandonnées” is an issuer-specific line, not mapped to a shared definition: Discontinued operations (dashes).
  17. “Résultat net – Participations ne donnant pas le contrôle” is an issuer-specific line, not mapped to a shared definition: Non-controlling interests' share of profit.
  18. “FFO” is an issuer-specific line, not mapped to a shared definition: Funds from operations, as printed below the income statement (non-IFRS measure).

Balance sheet

Balance sheet, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Ecart d'acquisition1 9,812 9,812
Autres immobilisations incorporelles 8,429 8,025
Immeubles de placement 8,483,353 7,897,651
Autres immobilisations corporelles 53,625 22,854
Autres actifs financiers2 4,447 7,756
Impôts différés actifs 1,848 3,965
Total actifs non courants 8,561,514 7,950,063
Stock et En-cours 164,738 141,189
Clients 125,674 148,920
Créances d'impôt sur les sociétés 17,421 29,170
Autres actifs courants 353,965 373,122
Trésorerie et équivalent de trésorerie 606,247 813,652
Total actifs courants 1,268,045 1,506,053
Total actifs 9,829,559 9,456,115
Capital 1,256,813 1,256,813
Primes liées au capital 1,043,955 1,143,955
Réserves3 2,609,350 2,493,606
Résultat de l'exercice4 534,413 297,453
Capitaux propres part du groupe 5,444,531 5,191,827
Intérêts attribuables aux participations ne conférant pas le 0 0
Capitaux propres 5,444,531 5,191,827
Dettes financières part non courante 2,313,417 2,873,846
Provisions part non courante5 –6 2,614
Autres passifs non courants7 78,140 72,317
Impôts différés passifs 283,413 255,184
Total passifs non courants 2,674,970 3,203,960
Dettes financières part courante 1,098,045 468,778
Dettes d'impôt sur les sociétés 5,227 1,406
Fournisseurs 255,068 189,349
Provisions part courante 73,736 70,437
Autres passifs courants 277,982 330,358
Total passifs courants 1,710,058 1,060,328
Total passifs 4,385,028 4,264,288
Total passifs et capitaux propres 9,829,559 9,456,115
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
Notes and alternative reported figures (6)
  1. “Ecart d'acquisition” is an issuer-specific line, not mapped to a shared definition: Goodwill.
  2. “Autres actifs financiers” is an issuer-specific line, not mapped to a shared definition: Note 19 (non-current).
  3. “Réserves” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves.
  4. “Résultat de l'exercice” is an issuer-specific line, not mapped to a shared definition: The year's result within equity.
  5. “Provisions part non courante” is an issuer-specific line, not mapped to a shared definition: Note 27.
  6. “Autres passifs non courants” is an issuer-specific line, not mapped to a shared definition: Note 30.

Cash flow

Cash flow, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Résultat net total consolidé1 534,413 297,453
Amortissements et provisions2 8,445 20,831
Impôts sur le résultat3 89,952 108,048
Charges nettes d'impôts différés4 0 4
Coût de l'endettement financier net reclassé en financement5 123,802 128,961
Plus ou moins-value sur cessions d'immobilisations6 (1,724) (1,024)
Profits et pertes de réévaluation des immeubles de placement à la juste valeur7 (288,662) (102,623)
Marge brute d'autofinancement8 466,225 451,650
Variation du besoin en fonds de roulement9 4,623 103,740
Impôts payés (52,790) (85,048)
Flux net de trésorerie générés par l'activité (A) 418,058 470,342
Acquisition d'immos incorp. (net de la var. des dettes) (659) (95)
Acquisition d'immos corp. (net de la var. des dettes) (34,425) (9,086)
Décaissements concernant les immeubles de placement10 (265,883) (385,948)
Acquisition d'immos fin. (net de la var. des dettes)11 0 0
Cessions d'immobilisations incorporelles et corporelles 7,103 40,853
Réduction des autres immos financières12 1,670 –13
Prêts et avances consentis14 731 (1,991)
Intérêts encaissés 19,816 20,988
Impact des entités acquises sur la période15 –13 (248,583)
Flux net de trésorerie liés aux opérations d'investissement (B) (271,647) (583,862)
Augmentations de capital de la sociétés mère16 –17 650,000
Cession (acq.) nette d'actions propres18 –17 –17
Emissions d'emprunts 185,448 557,276
Remboursements d'emprunts (457,763) (338,961)
Variation nette des concours bancaires19 350,000 (210,000)
Intérêts versés (154,086) (161,646)
Dividendes versés aux actionnaires du groupe (276,499) (240,211)
Flux net de trésorerie liés aux opérations de financement (C) (352,900) 256,459
Variation de la trésorerie (A+B+C) (206,489) 142,939
Trésorerie nette d'ouverture (a) 812,736 669,797
Trésorerie nette de clôture (b) 606,247 812,736
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (17)
  1. “Résultat net total consolidé” is an issuer-specific line, not mapped to a shared definition: Opening line of the cash-flow statement.
  2. “Amortissements et provisions” is an issuer-specific line, not mapped to a shared definition: Non-cash item; notes 8-9.
  3. “Impôts sur le résultat” is an issuer-specific line, not mapped to a shared definition: Income tax expense added back.
  4. “Charges nettes d'impôts différés” is an issuer-specific line, not mapped to a shared definition: Non-cash item.
  5. “Coût de l'endettement financier net reclassé en financement” is an issuer-specific line, not mapped to a shared definition: Net financing cost reclassified to financing.
  6. “Plus ou moins-value sur cessions d'immobilisations” is an issuer-specific line, not mapped to a shared definition: Non-cash item.
  7. “Profits et pertes de réévaluation des immeubles de placement à la juste valeur” is an issuer-specific line, not mapped to a shared definition: Non-cash item; note 10.
  8. “Marge brute d'autofinancement” is an issuer-specific line, not mapped to a shared definition: Cash earnings before working-capital changes and tax paid.
  9. “Variation du besoin en fonds de roulement” is an issuer-specific line, not mapped to a shared definition: Note 22.
  10. “Décaissements concernant les immeubles de placement” is an issuer-specific line, not mapped to a shared definition: Investing.
  11. “Acquisition d'immos fin. (net de la var. des dettes)” is an issuer-specific line, not mapped to a shared definition: Investing.
  12. “Réduction des autres immos financières” is an issuer-specific line, not mapped to a shared definition: Investing.
  13. “Prêts et avances consentis” is an issuer-specific line, not mapped to a shared definition: Investing.
  14. “Impact des entités acquises sur la période” is an issuer-specific line, not mapped to a shared definition: Investing.
  15. “Augmentations de capital de la sociétés mère” is an issuer-specific line, not mapped to a shared definition: Financing.
  16. “Cession (acq.) nette d'actions propres” is an issuer-specific line, not mapped to a shared definition: Financing (dashes).
  17. “Variation nette des concours bancaires” is an issuer-specific line, not mapped to a shared definition: Financing: net change in bank facilities.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)1 42.52 23.67
Profit / (loss) attributable to shareholders (MAD thousands)2 534,413 297,453
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Résultat net par action (en MAD)”.
  2. Profit / (loss) attributable to shareholders: printed as “Résultat net – Part des propriétaires de la société mère”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividendes versés aux actionnaires du groupe (276,499) MAD thousands Annual report, p30
31 Dec 2024 Dividends paid (cash flow statement) Dividendes versés aux actionnaires du groupe (240,211) MAD thousands Annual report, p30

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Aradei Capital — Rapport Financier Annuel 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: Fidaroc Grant Thornton; Forvis Mazars (commissaires aux comptes), unmodified opinion · signed

    Auditor's sign-off: Rachid BOUMEHRAZ (Fidaroc Grant Thornton); Mounaim AMRAOUI (Forvis Mazars)

    Final status: Rapport des commissaires aux comptes sur les états financiers consolidés, exercice du 1er janvier au 31 décembre 2025, 'Casablanca, le 21 avril 2026', signed by hand over the stamps of Fidaroc Grant Thornton (Rachid BOUMEHRAZ, Associé) and Forvis Mazars (Mounaim AMRAOUI, Associé) (PDF p25 page image); opinion on p22. The board arrêté the company and consolidated accounts on 11 March 2026 (communiqué, p4).

    Document date
    21 Apr 2026
    Auditor's report
    21 Apr 2026
    Board approval
    11 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · MAD thousands (printed “En KMAD”)
    • The income statement and statement of financial position print three columns (31/12/2025, 31/12/2024, 31/12/2023); only 2025 and 2024 are transcribed. 'Charges d'exploitation' is printed above its components. The cash-flow statement ends with net treasury after bank credit balances: 2024 closing 812 736 against cash and cash equivalents of 813 652 in the statement of financial position (the reconciliation on p30 lists components adding to 813 717 less bank credit balances of 981). Interest received is presented in investing and interest paid in financing activities.
    • The report also holds the company (social) statements under the Moroccan CGNC (pp14-19) and the auditors' general report on them; the consolidated statements are transcribed.
    Technical details
    File
    199 pages, with a text layer
    SHA-256
    272fdb3d9d6ead47bee49030106ae671774421580c0e7f4f44cf8d8fe354e658
    Entity as printed
    ARADEI CAPITAL S.A. et ses filiales (le « groupe »)
    Regulator copy
    retrieved 2026-10-08T18:14:43Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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