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Résidences Dar Saada

RDS · Bourse de Casablanca · Consolidated statements

On this page
Company details
Legal name
Résidences Dar Saâda S.A.
Listing
RDS on the Bourse de Casablanca, active · ISIN MA0000012239 (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 · audited financial statements, signed / final · source

Read with these figures

  • Auditor's emphasis of matter. Observation (report on the consolidated financial statements, p7): 'Nous attirons votre attention sur la note annexe aux comptes consolidés publiés qui décrit l'opération de titrisation auprès de FT OLYMPE et le changement de méthode de reconnaissance du chiffre d'affaires.
Full wording and sources

  • Auditor's emphasis of matter

    Observation (report on the consolidated financial statements, p7): 'Nous attirons votre attention sur la note annexe aux comptes consolidés publiés qui décrit l'opération de titrisation auprès de FT OLYMPE et le changement de méthode de reconnaissance du chiffre d'affaires. Notre opinion n'est pas modifiée à l'égard de ces deux points.'

    Source: COMMUNICATION FINANCIÈRE ANNUELLE — COMPTES CONSOLIDÉS ET SOCIAUX AU 31 DÉCEMBRE 2025 (dated 2026-04-29)

  • Revenue

    MAD 469 million

    468,513 MAD thousands · p7

    +100.5% vs 2024

  • Operating profit / (loss)

    MAD 32.7 million

    32,714 MAD thousands · p7

    Moved from loss to profit (FY2024: (47.343) MAD thousands)

  • Profit / (loss) for the year

    MAD 4.49 million

    4,491 MAD thousands · p7

    Moved from loss to profit (FY2024: (79.698) MAD thousands)

  • Total assets

    MAD 7.97 billion

    7,970,234 MAD thousands · p6

    +2.9% vs 2024

  • Total equity

    MAD 3.74 billion

    3,739,578 MAD thousands · p6

    +0.1% vs 2024

  • Cash from operations

    −MAD 211 million

    (210,966) MAD thousands · p7

    −171.4% 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 — audited financial statements, signed / final; reported for the year · source
  • FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, MAD thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Chiffres d'affaires 468,513 233,682
Autres produits de l'activité1 36,244 (114,081)
PRODUITS DES ACTIVITES ORDINAIRES2 504,757 119,601
Achats consommés et charges externes3 (400,411) (76,266)
Charges de personnel (63,112) (61,774)
Impôts et taxes4 (9,384) (17,796)
Autres produits et charges d'exploitation5 9,418 9,418
Dotations nettes aux amort,et aux provisions6 (4,281) (3,499)
CHARGES DES ACTIVITES ORDINAIRES7 (467,770) (149,917)
RESULTAT D'EXPLOITATION COURANT8 36,987 (30,315)
Cessions d'actifs9 43 (94)
Autres produits&charges d'exploitation non courants10 (4,316) (16,933)
RESULTAT D'EXPLOITATION 32,714 (47,343)
Résultat financier11 (14,184) (21,136)
RESULTAT AVANT IMPOT DES ENTREPRISES INTERGREES 18,530 (68,479)
Impôts sur les sociétés12 (353) (5,398)
Impôt différé13 (13,687) (5,821)
RESULTAT NET DES ENTREPRISES INTEGREES14 4,491 (79,698)
RESULTAT DE L'ENSEMBLE CONSOLIDE 4,491 (79,698)
Intérêts minoritaires15 (3) (23)
RESULTAT GLOBAL 4,491 (79,698)
Notes and alternative reported figures (15)
  1. “Autres produits de l'activité” is an issuer-specific line, not mapped to a shared definition: Other operating revenue (2024 printed negative).
  2. “PRODUITS DES ACTIVITES ORDINAIRES” is an issuer-specific line, not mapped to a shared definition: Revenue plus other operating revenue.
  3. “Achats consommés et charges externes” is an issuer-specific line, not mapped to a shared definition: Purchases consumed and external charges.
  4. “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: Taxes other than income tax.
  5. “Autres produits et charges d'exploitation” is an issuer-specific line, not mapped to a shared definition: Other operating income and charges, net.
  6. “Dotations nettes aux amort,et aux provisions” is an issuer-specific line, not mapped to a shared definition: Net depreciation, amortisation and provisions.
  7. “CHARGES DES ACTIVITES ORDINAIRES” is an issuer-specific line, not mapped to a shared definition: Total ordinary operating charges.
  8. “RESULTAT D'EXPLOITATION COURANT” is an issuer-specific line, not mapped to a shared definition: Current operating result.
  9. “Cessions d'actifs” is an issuer-specific line, not mapped to a shared definition: Result on disposals of assets.
  10. “Autres produits&charges d'exploitation non courants” is an issuer-specific line, not mapped to a shared definition: Other non-current operating income and charges.
  11. “Résultat financier” is an issuer-specific line, not mapped to a shared definition: Net financial result.
  12. “Impôts sur les sociétés” is an issuer-specific line, not mapped to a shared definition: Current corporate income tax.
  13. “Impôt différé” is an issuer-specific line, not mapped to a shared definition: Deferred tax.
  14. “RESULTAT NET DES ENTREPRISES INTEGREES” is an issuer-specific line, not mapped to a shared definition: Net result of fully consolidated entities.
  15. “Intérêts minoritaires” is an issuer-specific line, not mapped to a shared definition: Net result attributable to minority interests.

Balance sheet

Balance sheet, MAD thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
ECART D'ACQUISITION1 –2 –2
IMMOBILISATIONS INCORPORELLES 6,241 6,243
IMMOBILISATIONS CORPORELLES 59,641 63,659
IMMEUBLES DE PLACEMENT –2 –2
Titres disponibles à la vente3 50 50
Autres immobilisations financières4 58,862 58,833
TOTAL IMMOBILISATIONS FINANCIERES5 58,912 58,883
Actifs d'impôts différés 18,348 17,719
TOTAL ACTIF NON COURANT 143,142 146,505
Stocks et encours nets 5,140,524 5,004,215
Créances Clients nets 241,271 241,222
Autres tiers6 2,196,081 1,994,981
Trésorerie et équivalence de trésorerie 249,215 356,260
TOTAL ACTIF COURANT 7,827,091 7,596,677
TOTAL ACTIF 7,970,234 7,743,182
Capital 1,310,443 1,310,443
Primes d'émission et de fusion 1,107,212 1,107,212
Réserves7 1,317,332 1,397,142
Résultat de l'exercice8 4,494 (79,675)
CAPITAUX PROPRES PART GROUPE 3,739,480 3,735,121
Réserves minoritaires9 100 123
Résultat minoritaire10 (3) (23)
Capitaux propres part des minoritaires 98 100
CAPITAUX PROPRES 3,739,578 3,735,222
Autres dettes à long terme 1,499,261 1,214,026
Endettement lié à des locations long terme 474 16,184
Passifs d'impôts différés 8,607 7,203
Provisions pour risques et charges à caractère non courant11 30 29
TOTAL PASSIF NON COURANT 1,508,371 1,237,442
Fournisseurs 337,089 289,636
Autres tiers et impôt société12 1,767,455 1,696,706
Provisions pour risques et charges à caractère courant 1,252 1,236
Dettes financières à court terme (y.c location] 275,024 481,800
Banques 341,465 301,140
TOTAL PASSIF COURANT 2,722,285 2,770,518
TOTAL PASSIF 7,970,234 7,743,182
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
Notes and alternative reported figures (11)
  1. “ECART D'ACQUISITION” is an issuer-specific line, not mapped to a shared definition: Goodwill (printed as dashes in both years).
  2. “Titres disponibles à la vente” is an issuer-specific line, not mapped to a shared definition: Available-for-sale securities.
  3. “Autres immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Other financial fixed assets.
  4. “TOTAL IMMOBILISATIONS FINANCIERES” is an issuer-specific line, not mapped to a shared definition: Subtotal of financial fixed assets.
  5. “Autres tiers” is an issuer-specific line, not mapped to a shared definition: Other receivables (note 3: supplier advances, staff, state, other debtors, prepayments).
  6. “Réserves” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves.
  7. “Résultat de l'exercice” is an issuer-specific line, not mapped to a shared definition: Group share of the year's result within equity.
  8. “Réserves minoritaires” is an issuer-specific line, not mapped to a shared definition: Minority interests' reserves.
  9. “Résultat minoritaire” is an issuer-specific line, not mapped to a shared definition: Minority interests' share of the result, within equity.
  10. “Provisions pour risques et charges à caractère non courant” is an issuer-specific line, not mapped to a shared definition: Non-current provisions.
  11. “Autres tiers et impôt société” is an issuer-specific line, not mapped to a shared definition: Other payables including corporate income tax (note 3: customer advances, staff, state, partners, other creditors, accruals).

Cash flow

Cash flow, MAD thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Résultat net des sociétés intégrées1 4,491 (79,698)
Dotations consolidées nettes2 3,185 1,655
Variation des impôts différés3 776 6,120
Plus ou moins values de cession nettes d'imoöt4 (43) 0
Autres impacts sans incidence sur la trésorerie5 (134) 49,149
Marge brute d'autofinancement des sociétés intégrées6 8,275 (22,773)
Variation du besoin en fonds de roulement7 (219,241) 318,118
Flux net de trésorerie liés à l'activité (210,966) 295,346
Acquisitions d'immobilisations, nettes d'impôt8 835 877
Cessions d'immobilisations, nettes d'impôt9 43 0
Variation d'immobilisations financières10 (28) (53,915)
Flux net de trésorerie lié aux opérations d'investissement 849 (53,038)
Emissions d'emprunts nets des remboursement11 62,747 (36,749)
Flux net de trésorerie lié aux opérations de financement 62,747 (36,749)
Variation de trésorerie (147,370) 205,559
Trésorerie d'ouverture 55,119 (150,439)
Trésorerie de clôture (92,250) 55,119
Notes and alternative reported figures (11)
  1. “Résultat net des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Starting line of the cash-flow statement.
  2. “Dotations consolidées nettes” is an issuer-specific line, not mapped to a shared definition: Net depreciation and provisions added back.
  3. “Variation des impôts différés” is an issuer-specific line, not mapped to a shared definition: Deferred tax added back.
  4. “Plus ou moins values de cession nettes d'imoöt” is an issuer-specific line, not mapped to a shared definition: Gains or losses on disposals, net of tax.
  5. “Autres impacts sans incidence sur la trésorerie” is an issuer-specific line, not mapped to a shared definition: Other non-cash items.
  6. “Marge brute d'autofinancement des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Cash earnings before working-capital changes.
  7. “Variation du besoin en fonds de roulement” is an issuer-specific line, not mapped to a shared definition: Change in working capital.
  8. “Acquisitions d'immobilisations, nettes d'impôt” is an issuer-specific line, not mapped to a shared definition: Acquisitions of fixed assets; printed positive and added in the investing total (835 + 43 - 28 = 849 within rounding; 877 - 53.915 = -53.038).
  9. “Cessions d'immobilisations, nettes d'impôt” is an issuer-specific line, not mapped to a shared definition: Proceeds from disposals of fixed assets.
  10. “Variation d'immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Change in financial fixed assets.
  11. “Emissions d'emprunts nets des remboursement” is an issuer-specific line, not mapped to a shared definition: Borrowings issued net of repayments.

Per share and shares

Per share and shares. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Earnings / (loss) per share (per share)1 0.17 (3.04)
Profit / (loss) attributable to shareholders (MAD thousands)2 4,494 (79,675)
Shares in issue at year end (shares)3 26 208
Notes and alternative reported figures (3)
  1. Earnings / (loss) per share: printed as “Résultat dilué par action”.
  2. Profit / (loss) attributable to shareholders: printed as “RESULTAT NET PART DU GROUPE”.
  3. Shares in issue at year end: printed as “Nombre d'actions retenu”.

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.

No dividend statement or amount collected.

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.

  • COMMUNICATION FINANCIÈRE ANNUELLE — COMPTES CONSOLIDÉS ET SOCIAUX AU 31 DÉCEMBRE 2025

    Year ended 31 December 2025 · Audited financial statements · signed / final

    Audit: FI.GEC SARL; Coopers Audit Maroc S.A (commissaires aux comptes), unmodified opinion · signed

    Auditor's sign-off: FI.GEC SARL (Karim Bennouna, Associé); Coopers Audit Maroc S.A (Hicham Cherkaoui, Associé)

    Final status: Rapport des commissaires aux comptes, audit des états financiers consolidés, exercice du 1er janvier au 31 décembre 2025: unqualified with an observation, dated 'Casablanca, le 29 avril 2026' and signed with handwritten signatures and stamps for FI.GEC SARL (Karim Bennouna, Associé) and Coopers Audit Maroc S.A (Hicham Cherkaoui, Associé) (PDF p7, page image). The report states consolidated equity of KMAD 3.739.578 including a consolidated net profit of KMAD 4.491, matching the printed statements.

    Document date
    29 Apr 2026
    Auditor's report
    29 Apr 2026
    Board approval
    30 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 milliers de dirhams”)
    • Directory name 'RESIDENCES DAR SAADA'; the document prints 'GROUPE RESIDENCES DAR SAÂDA S.A' (page headers), 'RESIDENCES DAR SAADA S.A.' (auditors' reports) and the brand 'ESPACES SAADA'.
    • Acquisitions of fixed assets are printed positive in the cash-flow statement and added in the investing total. Cash in the cash-flow statement is net of bank overdrafts ('Banques'): 249.215 - 341.465 = (92.250). Totals differ from the sum of their lines by 1 in places (rounding to thousands). 'Autres produits et charges d'exploitation' is printed 9.418 in both years. Kept as printed.
    • Validation difference explained: cash in the cash-flow statement at 31/12/24 is printed 55.119 while cash (356.260) less bank overdrafts (301.140) on the balance sheet is 55.120, a rounding difference of 1 (thousands of dirhams). Kept as printed.
    • Note 2.2 (p6): following the new real-estate chart of accounts and IFRS 15, revenue is now recognised at the signature of the notarial deed; the change was applied retrospectively. The 2024 columns of the consolidated statements are the adjusted ('Ajusté') figures; the note tabulates the impacts (e.g. stocks 5 004 215 adjusted against 3 409 384 published; revenue 233 682 against 135 909; 2024 result (79 675) against (82 807)). The statement column headings do not mark the 2024 figures as restated.
    • Annual financial communication (AMMC format): the consolidated IFRS statements are complete primary statements, but the notes are printed as a 'Résumé des notes annexes' (pp8-9). The company (CGNC) statements, management tables and the general report on the company statements (unqualified, same observation, dated 29 avril 2026, p6) are also printed.
    Technical details
    File
    9 pages, scanned (figures read by OCR and checked against the page image)
    SHA-256
    42ee482ad11389ffa508463c8a2de0b4f0fce85bbec7b5e1c8325cb244ce83f2
    Entity as printed
    GROUPE RESIDENCES DAR SAÂDA S.A; 'Résidences Dar Saada S.A et ses filiales' (auditors' report, p7)
    Exchange copy
    retrieved 2026-10-08T18:22:38Z

Data notes

  • Charges de personnel — OCR read '(61.774)|'; the page image shows '(61.774)'. OCR appended the cell border as a bar to the 2024 amount; the render prints (61.774) (page image p7). (COMMUNICATION FINANCIÈRE ANNUELLE — COMPTES CONSOLIDÉS ET SOCIAUX AU 31 DÉCEMBRE 2025, p7)
  • Dotations nettes aux amort,et aux provisions — OCR read '(3.499)|'; the page image shows '(3.499)'. OCR appended the cell border as a bar to the 2024 amount; the render prints (3.499) (page image p7). (COMMUNICATION FINANCIÈRE ANNUELLE — COMPTES CONSOLIDÉS ET SOCIAUX AU 31 DÉCEMBRE 2025, p7)
  • RESULTAT D'EXPLOITATION — OCR read '(47.343)|'; the page image shows '(47.343)'. OCR appended the cell border as a bar to the 2024 amount; the render prints (47.343) (page image p7). (COMMUNICATION FINANCIÈRE ANNUELLE — COMPTES CONSOLIDÉS ET SOCIAUX AU 31 DÉCEMBRE 2025, p7)
  • Résultat financier — OCR read '(21.136)|'; the page image shows '(21.136)'. OCR appended the cell border as a bar to the 2024 amount; the render prints (21.136) (page image p7). (COMMUNICATION FINANCIÈRE ANNUELLE — COMPTES CONSOLIDÉS ET SOCIAUX AU 31 DÉCEMBRE 2025, p7)

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text and compared cell by cell with the page image; read from the page image) (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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