Despite an unprecedented crisis whose repercussions were still felt in 2021, Aradei Capital exceeded expectations. The property company published results higher than 2019 (not impacted by covid) and the objectives announced to the market during the IPO in December 2020. At the head of a portfolio of 30 assets, valued at 6.2 billion from DH, the shopping center operator is confident regarding its prospects.
After a new stock market session punctuated by the fall of 2.32% of the Masi, Aradei Capital, it stands out by signing an increase of more than 5% on a volume of 3.7 million DH. The market hails the good performance of the property company in 2021. The result of operations (FFO), the main indicator of profitability, stood at 204 million dirhams, up 55% over one year, 31% over two years and 35% compared to the business plan presented to the market during the IPO in December 2020. The shopping center operator will pay 95% of this result to shareholders, i.e. a dividend of 18.20 DH per share.
The return of customers to its shopping centers (40 million visitors in 2021 compared to 31 million in 2020) and the development of the portfolio enabled it to exceed the objectives of the business plan during the IPO. “These results demonstrate the resilience of the business model and the relevance of our partnerships,” said Nawfal Bendefa, CEO of Aradei Capital, during the presentation of the annual results. Last year, the property company improved its turnover by 55% to 421 million DH.
Although the disruptions linked to the health crisis – less severe than in 2020 – would have had an impact of 5 to 10% on turnover, according to management estimates. Compared to 2019, revenues are up 46% and 23% compared to the forecast turnover during the IPO. Rental income totaled 407 million DH in 2021 once morest 264 million DH a year earlier. Other income went from 7.4 million DH to 14 million DH.
Sign of the resumption of activity in shopping centers and galleries of the real estate, the occupancy rate has increased by 4 points to 97%. The recovery rate is 95%. A good part of the growth in turnover in 2021 (60%) is linked to changes in the scope, with in particular the acquisition of the OPCI Cléo Pierre SPI-RFA from BMCI.
In addition, the property company opened 110 new stores. To finance its investments, it issued 500 million dirhams of bonds and borrowed 300 million dirhams for the acquisition of OPCI Cléo Pierre SPI-RFA (the transaction amounts to 557 million dirhams). The debt ratio stands at 36%, comparable to that of the international benchmark. It is also lower than the 40% ceiling set for OPCIs, for example.
The recovery in footfall in shopping centers is continuing at the start of the year, notes management, which should support the activity of the property company. It should also benefit from the diversification of the portfolio, particularly in healthcare following the joint venture with Akdital Holding and BFO Partners. Today, Aradei Capital is at the head of a portfolio of 30 assets spread over 22 cities. At the end of 2021, the portfolio is valued at MAD 6.2 billion.
Franck Fagnon / ECO Inspirations