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Delta Holding
On this page
Company details
- Legal name
- Delta Holding S.A.
- Listing
- DHO on the Bourse de Casablanca, active · ISIN MA0000011850 (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
Read with these figures
- Auditor's emphasis of matter. Opinion paragraph (not headed as an emphasis of matter): 'Ces états ont été préparés sur la base des éléments disponibles à cette date.' (p23)
Full wording and sources
Auditor's emphasis of matter
Opinion paragraph (not headed as an emphasis of matter): 'Ces états ont été préparés sur la base des éléments disponibles à cette date.' (p23)
Source: Delta holding — Rapport Financier Annuel 2025 (dated 2026-03-17)
-
Revenue
MAD 3.05 billion
3,049,817,757.71 MAD units · p12
−2.8% vs 2024
-
Operating profit / (loss)
MAD 454 million
453,894,108.33 MAD units · p12
+14.9% vs 2024
-
Profit / (loss) for the year
MAD 326 million
326,085,553.63 MAD units · p12
−4.5% vs 2024
-
Total assets
MAD 4.47 billion
4,471,799,793.65 MAD units · p10
−0.3% vs 2024
-
Total equity
MAD 2.75 billion
2,753,144,477.46 MAD units · p11
+2.3% vs 2024
-
Cash from operations
MAD 581 million
580,834,591.31 MAD units · p13
+50.3% 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 units 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
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| CHIFFRE D'AFFAIRES | 3,049,817,757.71 | 3,137,670,704.52 |
| Ventes de marchandises (en l'état)1 | 344,054,466.92 | 414,432,134.23 |
| Ventes de biens et services produits2 | 2,705,763,290.79 | 2,723,238,570.29 |
| Variation des stocks de produits3 | 138,119,572.36 | (75,371,205.75) |
| Immobilisations produites par l'entreprise pour elle-même4 | 51,537,846.39 | 6,594,173.71 |
| Autres produits d'exploitation | 24,565,156.60 | 9,488,687.06 |
| Reprises d'exploitation; transferts de charges5 | 72,514,109.94 | 33,717,504.66 |
| TOTAL I6 | 3,336,554,443.00 | 3,112,099,864.20 |
| Achats revendus de marchandises7 | (270,944,422.64) | (306,543,875.15) |
| Achats consommés de matières et fournitures8 | (1,893,384,842.20) | (1,719,359,040.86) |
| Autres charges externes9 | (171,863,828.91) | (164,839,448.72) |
| Impôts et taxes10 | (10,414,254.88) | (11,753,257.04) |
| Charges de personnel | (364,681,149.09) | (355,553,375.23) |
| Autres charges d'exploitation | (7,837,497.73) | (6,772,764.63) |
| Dotations d'exploitation11 | (163,534,339.22) | (152,170,904.72) |
| TOTAL II12 | (2,882,660,334.67) | (2,716,992,666.35) |
| RESULTAT D'EXPLOITATION (I-II) | 453,894,108.33 | 395,107,197.85 |
| TOTAL IV13 | 10,808,619.75 | 16,435,075.06 |
| TOTAL V14 | (17,538,562.45) | (19,562,265.34) |
| RESULTAT FINANCIER (IV - V)15 | (6,729,942.70) | (3,127,190.28) |
| RESULTAT COURANT (III + VI)16 | 447,164,165.63 | 391,980,007.57 |
| TOTAL VIII17 | 26,488,551.98 | 111,053,837.06 |
| TOTAL IX18 | (30,853,801.32) | (44,929,819.86) |
| RESULTAT NON COURANT (VIII - IX)19 | (4,365,249.34) | 66,124,017.20 |
| RESULTAT AVANT IMPÔTS (VII + X) | 442,798,916.29 | 458,104,024.77 |
| IMPÔTS SUR LE RESULTAT | (103,310,469.55) | (103,214,528.25) |
| RESULTAT NET DES ENTREPRISES INTÉGRÉES(XI - XII)20 | 339,488,446.74 | 354,889,496.52 |
| Dotations aux amortissements des écarts d'acquisition21 | (13,402,893.11) | (13,402,893.11) |
| RESULTAT NET DE L'ENSEMBLE CONSOLIDÉ | 326,085,553.63 | 341,486,603.41 |
| RESULTAT NET REVENANT AUX INTERETS MINORITAIRES22 | 18,894,123.78 | 46,103,811.72 |
Notes and alternative reported figures (22)
- “Ventes de marchandises (en l'état)” is an issuer-specific line, not mapped to a shared definition: Sales of goods for resale, within turnover.
- “Ventes de biens et services produits” is an issuer-specific line, not mapped to a shared definition: Sales of goods and services produced, within turnover.
- “Variation des stocks de produits” is an issuer-specific line, not mapped to a shared definition: Change in inventories of products (sign as printed).
- “Immobilisations produites par l'entreprise pour elle-même” is an issuer-specific line, not mapped to a shared definition: Own work capitalised.
- “Reprises d'exploitation; transferts de charges” is an issuer-specific line, not mapped to a shared definition: Operating reversals and expense transfers.
- “TOTAL I” is an issuer-specific line, not mapped to a shared definition: Total operating income.
- “Achats revendus de marchandises” is an issuer-specific line, not mapped to a shared definition: Cost of goods resold (printed positive; deducted).
- “Achats consommés de matières et fournitures” is an issuer-specific line, not mapped to a shared definition: Materials and supplies consumed (printed positive; deducted).
- “Autres charges externes” is an issuer-specific line, not mapped to a shared definition: Other external charges (printed positive; deducted).
- “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: Taxes other than income tax (printed positive; deducted).
- “Dotations d'exploitation” is an issuer-specific line, not mapped to a shared definition: Operating depreciation and provision charges (printed positive; deducted).
- “TOTAL II” is an issuer-specific line, not mapped to a shared definition: Total operating charges (printed positive; deducted).
- “TOTAL IV” is an issuer-specific line, not mapped to a shared definition: Total financial income.
- “TOTAL V” is an issuer-specific line, not mapped to a shared definition: Total financial charges (printed positive; deducted).
- “RESULTAT FINANCIER (IV - V)” is an issuer-specific line, not mapped to a shared definition: Financial result.
- “RESULTAT COURANT (III + VI)” is an issuer-specific line, not mapped to a shared definition: Operating result plus financial result.
- “TOTAL VIII” is an issuer-specific line, not mapped to a shared definition: Total non-current income.
- “TOTAL IX” is an issuer-specific line, not mapped to a shared definition: Total non-current charges (printed positive; deducted).
- “RESULTAT NON COURANT (VIII - IX)” is an issuer-specific line, not mapped to a shared definition: Non-current result.
- “RESULTAT NET DES ENTREPRISES INTÉGRÉES(XI - XII)” is an issuer-specific line, not mapped to a shared definition: Net result of fully consolidated entities before goodwill amortisation.
- “Dotations aux amortissements des écarts d'acquisition” is an issuer-specific line, not mapped to a shared definition: Goodwill amortisation (printed positive; deducted).
- “RESULTAT NET REVENANT AUX INTERETS MINORITAIRES” is an issuer-specific line, not mapped to a shared definition: Minority interests' share of the consolidated result.
Balance sheet
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| ECART D'ACQUISITION (A)1 | 73,715,912.04 | 87,118,805.15 |
| IMMOBILISATIONS INCORPORELLES (B) | 20,413,479.39 | 22,649,256.71 |
| IMMOBILISATIONS CORPORELLES (C) | 620,737,007.29 | 548,751,822.18 |
| IMMOBILISATIONS FINANCIERES (D)2 | 5,385,442.59 | 5,724,488.75 |
| TOTAL I (A+B+C+D+E+F) | 720,251,841.31 | 664,244,372.79 |
| STOCKS (G) | 1,328,190,255.10 | 1,311,102,844.47 |
| CREANCES DE L'ACTIF CIRCULANT (H)3 | 1,826,406,442.28 | 2,107,015,469.55 |
| Clients et comptes rattachés4 | 1,532,169,477.12 | 1,817,095,747.15 |
| TITRES ET VALEURS DE PLACEMENT (I) | 125,104,584.03 | 36,697,867.45 |
| ECARTS DE CONVERSION - ACTIF (J)5 | 1,676,232.38 | 2,361,111.29 |
| TOTAL II (G+H+I+J)6 | 3,281,377,513.79 | 3,457,177,292.76 |
| TRESORERIE ACTIF | 470,170,438.55 | 361,645,915.47 |
| TOTAL GENERAL I+II+III | 4,471,799,793.65 | 4,483,067,581.02 |
| Capital social | 876,000,000.00 | 876,000,000.00 |
| Réserves légales7 | 87,600,000.00 | 87,600,000.00 |
| Réserves consolidées8 | 727,651,286.70 | 615,635,828.78 |
| Report à nouveau | 620,303,527.76 | 641,251,853.13 |
| Résultat net de l'exercice - part du groupe9 | 307,191,429.85 | 295,382,791.69 |
| TOTAL DES CAPITAUX PROPRES - PART DU GROUPE (A1) | 2,618,746,244.31 | 2,515,870,473.60 |
| INTERETS MINORITAIRES (A2) | 134,398,233.15 | 174,426,769.55 |
| Part dans les capitaux propres avant résultat net10 | 115,504,109.37 | 128,322,957.83 |
| Part dans le résultat net de l'exercice11 | 18,894,123.78 | 46,103,811.72 |
| CAPITAUX PROPRES DE L'ENSEMBLE CONSOLIDE (A) | 2,753,144,477.46 | 2,690,297,243.15 |
| DETTES DE FINANCEMENT (C)12 | 58,122,564.55 | 87,397,739.34 |
| PROVISIONS DURABLES POUR RISQUES ET CHARGES (D)13 | 273,322.44 | 312,536.77 |
| TOTAL I (A+B+C+D+E)14 | 2,811,540,364.45 | 2,778,007,519.26 |
| DETTES DU PASSIF CIRCULANT (F)15 | 1,207,241,156.58 | 1,257,414,161.96 |
| Fournisseurs et comptes rattachés16 | 592,985,469.89 | 607,752,669.36 |
| AUTRES PROVISIONS POUR RISQUES ET CHARGES (G)17 | 381,200,999.04 | 369,828,988.19 |
| ECARTS DE CONVERSION PASSIF (circulant) (H)18 | 884,094.43 | 1,224,839.84 |
| TOTAL II (F+G+H)19 | 1,589,326,250.05 | 1,628,467,989.99 |
| TRESORERIE - PASSIF20 | 70,933,179.15 | 76,592,071.77 |
| TOTAL GENERAL I + II + III | 4,471,799,793.65 | 4,483,067,581.02 |
Notes and alternative reported figures (20)
- “ECART D'ACQUISITION (A)” is an issuer-specific line, not mapped to a shared definition: Goodwill, net of amortisation.
- “IMMOBILISATIONS FINANCIERES (D)” is an issuer-specific line, not mapped to a shared definition: Non-current financial assets.
- “CREANCES DE L'ACTIF CIRCULANT (H)” is an issuer-specific line, not mapped to a shared definition: Current receivables total (suppliers' advances, customers, staff, State, other debtors, accruals).
- “Clients et comptes rattachés”: mapping to a shared definition is uncertain. Trade receivables and related accounts only; other receivables are printed separately within (H).
- “ECARTS DE CONVERSION - ACTIF (J)” is an issuer-specific line, not mapped to a shared definition: Unrealised exchange losses (current).
- “TOTAL II (G+H+I+J)” is an issuer-specific line, not mapped to a shared definition: Printed 'TOTAL II' of the actif circulant: stocks, receivables, marketable securities and translation differences; trésorerie-actif printed separately.
- “Réserves légales” is an issuer-specific line, not mapped to a shared definition: Legal reserve.
- “Réserves consolidées” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves, group share.
- “Résultat net de l'exercice - part du groupe” is an issuer-specific line, not mapped to a shared definition: The year's group-share result within equity.
- “Part dans les capitaux propres avant résultat net” is an issuer-specific line, not mapped to a shared definition: Minority interests' share of equity before the year's result.
- “Part dans le résultat net de l'exercice” is an issuer-specific line, not mapped to a shared definition: Minority interests' share of the year's result.
- “DETTES DE FINANCEMENT (C)”: mapping to a shared definition is uncertain. 'Dettes de financement' (all printed as 'Autres dettes de financement'), within 'Financement permanent'; current maturities are not separated.
- “PROVISIONS DURABLES POUR RISQUES ET CHARGES (D)” is an issuer-specific line, not mapped to a shared definition: Long-term provisions for risks and charges, within 'Financement permanent'.
- “TOTAL I (A+B+C+D+E)” is an issuer-specific line, not mapped to a shared definition: Printed 'TOTAL I' of the passif (financement permanent): equity of the consolidated whole, financing debt and long-term provisions.
- “DETTES DU PASSIF CIRCULANT (F)” is an issuer-specific line, not mapped to a shared definition: Current debts total (suppliers, customer advances, staff, social bodies, State, shareholder accounts, other creditors, accruals).
- “Fournisseurs et comptes rattachés”: mapping to a shared definition is uncertain. Suppliers and related accounts only; other current debts are printed separately within (F).
- “AUTRES PROVISIONS POUR RISQUES ET CHARGES (G)” is an issuer-specific line, not mapped to a shared definition: Other (current) provisions for risks and charges.
- “ECARTS DE CONVERSION PASSIF (circulant) (H)” is an issuer-specific line, not mapped to a shared definition: Unrealised exchange gains (current).
- “TOTAL II (F+G+H)” is an issuer-specific line, not mapped to a shared definition: Printed 'TOTAL II' of the passif circulant; trésorerie-passif printed separately.
- “TRESORERIE - PASSIF”: mapping to a shared definition is uncertain. Trésorerie-passif heading row printing the section total: banks (credit balances) only; equal to the printed 'TOTAL III'.
Cash flow
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Résultat net des sociétés intégrées1 | 326,085,553.63 | 341,486,603.41 |
| Dotations aux amortissements2 | 121,126,374.33 | 108,052,272.13 |
| Plus values de cession, nettes d'impôt3 | (5,105,119.06) | (80,687,392.19) |
| Capacité d'autofinancement des sociétés intégrées4 | 442,106,808.90 | 368,851,483.35 |
| Variation du besoin en fonds de roulement lié à l'activité5 | 138,727,782.41 | 17,672,202.39 |
| Flux net de trésorerie généré par l'activité | 580,834,591.31 | 386,523,685.74 |
| Acquisition d'immobilisations6 | (191,848,674.23) | (100,299,919.46) |
| Cession d'immobilisations,nettes d'impôt7 | 10,088,191.18 | 120,409,394.25 |
| II Flux net de trésorerie lié aux opérations d'investissement | (181,760,483.05) | 20,109,474.79 |
| Dividendes versés aux actionnaires de la société mère | (197,100,000.00) | (131,400,000.00) |
| Dividendes versés aux minoritaires des sociétés intégrées8 | (58,515,517.77) | (21,452,927.34) |
| Emissions d'emprunts | 386,700.00 | 307,700.00 |
| Remboursements d'emprunts | (29,661,874.79) | (64,009,539.93) |
| III Flux net de trésorerie lié aux opérations de financement | (284,890,692.56) | (216,554,767.27) |
| IV Variation de trésorerie (I +II+III ) | 114,183,415.70 | 190,078,393.26 |
| Trésorerie d'ouverture | 285,053,843.70 | 94,975,450.44 |
| Trésorerie de clôture | 399,237,259.40 | 285,053,843.70 |
Notes and alternative reported figures (8)
- “Résultat net des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Net result at the head of the cash-flow statement (equal to the result of the consolidated whole).
- “Dotations aux amortissements” is an issuer-specific line, not mapped to a shared definition: Non-cash add-back.
- “Plus values de cession, nettes d'impôt” is an issuer-specific line, not mapped to a shared definition: Disposal gains eliminated (printed positive; deducted).
- “Capacité d'autofinancement des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Printed subtotal (self-financing capacity).
- “Variation du besoin en fonds de roulement lié à l'activité” is an issuer-specific line, not mapped to a shared definition: Change in working capital (sign as printed; added).
- “Acquisition d'immobilisations”: mapping to a shared definition is uncertain. Acquisitions of fixed assets, tangible and intangible not distinguished.
- “Cession d'immobilisations,nettes d'impôt” is an issuer-specific line, not mapped to a shared definition: Investing: disposal proceeds, net of tax.
- “Dividendes versés aux minoritaires des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Financing.
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.
| Year ended | Event | Wording as printed | Amount | Unit | Source |
|---|---|---|---|---|---|
| 31 Dec 2025 | Dividends paid (cash flow statement) | Dividendes versés aux actionnaires de la société mère |
(197,100,000) | MAD units | Annual report, p13 |
| 31 Dec 2024 | Dividends paid (cash flow statement) | Dividendes versés aux actionnaires de la société mère |
(131,400,000) | MAD units | Annual report, p13 |
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.
-
Delta holding — Rapport Financier Annuel 2025
Year ended 31 December 2025 · Annual report · signed / final
Audit: H2B Experts and World Conseil et Audit (commissaires aux comptes), unmodified opinion · signed
Auditor's sign-off: H2B Experts (Tarik Sbaa, associé); World Conseil et Audit (Omar Sekkat, associé)
Final status: The commissaires aux comptes' 'Rapport d'audit sur le[s] états financiers consolidés, exercice du 1er janvier au 31 décembre 2025' (PDF pp23-24, text layer): unmodified opinion (consolidated equity 2 753 144 477,46 MAD including consolidated net profit 326 085 553,63 MAD, matching pp11-12), no key audit matter, dated 'Fait à Rabat, le 17 mars 2026' and signed by hand over stamps for H2B Experts (Tarik Sbaa, associé) and World Conseil et Audit (Omar Sekkat, associé) (page image p24). No board approval date for the consolidated statements is printed.
- Document date
- 17 Mar 2026
- Auditor's report
- 17 Mar 2026
- Board approval
- date not found in this document
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2025, FY2024
- Basis
- consolidated statements · MAD units (printed “dirhams with centimes (no unit printed on the statements)”)
- HIDDEN TEXT: the text layer of the compte de produits et charges (p12) carries the words 'PRO FORMA' between the '31-déc.-25' and '31-déc.-24' column headings, of which only a clipped 'F(' shows on the page render. No figures differ between the text layer and the printed page; the comparative column is printed as 'TOTAUX 31-déc.-24' and the auditors' report does not mention a pro forma presentation.
- Moroccan layout: 'TOTAL II' of the actif excludes trésorerie-actif and 'TOTAL II' of the passif excludes trésorerie-passif (both printed separately); the passif 'TOTAL I' (financement permanent) includes equity, so no total-liabilities, current-assets or current-liabilities line as defined is printed. Charges, income tax and goodwill amortisation are printed positive and deducted. In the cash-flow statement 'Plus values de cession, nettes d'impôt' is printed positive but deducted from the self-financing capacity. Cash in the cash-flow statement equals trésorerie-actif less trésorerie-passif (2025: 470 170 438,55 - 70 933 179,15 = 399 237 259,40).
- Annual financial report with consolidated statements under Moroccan rules (pp10-22) and the company CGNC statements (pp25-41); auditors' reports in the text layer (pp23-24, 42-44). The consolidated set is transcribed.
Technical details
- File
- 115 pages, with a text layer
- SHA-256
d2c7fa3fe8bff7b9852674f1162357b4d8a0f1f2625e35e643436056b384a737- Entity as printed
- Delta Holding S.A. et ses filiales (le « groupe ») (p23); 'Raison sociale delta holding SA' (p4)
- Regulator copy
- retrieved 2026-10-08T18:22:31Z
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) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.