Delta Holding reports MAD 125 million profit: what it means for DHO stock

Published on 10/14/2026 at 01:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Orders reached MAD 3.26 billion at midyear. For DHO stock, this means net debt fell 8.00 percent and visibility covered 11 months.

First-half numbers and backlog

Delta Holding reported MAD 125.00 million in group net income for the first half of 2026 on September 18, 2026.
The order backlog reached MAD 3.26 billion at the end of the first half of 2026.
Consolidated net debt fell 8.00 percent during the first half of 2026.

DHO, MA0000010662, Illustration mit AI erstellt.

Delta Holding (MA0000010662) reported MAD 125.00 million in consolidated net income attributable to the group for the first half of 2026, unchanged from MAD 125.00 million in the first half of 2025, according to Alpha Bourse on September 18, 2026. The result gives the stock a concrete earnings anchor while operating profit declined to MAD 177.00 million from MAD 193.00 million in the same comparison.

Revenue stays broadly stable

Consolidated revenue reached MAD 1.323 billion in the first half of 2026, compared with MAD 1.334 billion in the first half of 2025, a decline of 0.82 percent. Le Nouvelliste Maroc reported that consolidated net income was MAD 130.60 million, compared with MAD 132.70 million a year earlier, while group-attributable net income remained MAD 125.40 million in both periods.

The gap between stable group-attributable earnings and lower operating profit is important for interpreting the result. It points to resilience at the bottom line, but also places greater weight on order execution and operating efficiency in the second half.

What the order book means

Contracts still to be executed totaled MAD 3.26 billion at the end of June 2026, equivalent to about 11 months of revenue, according to Alpha Bourse. The backlog spans infrastructure, metallurgy, water and environment, and parachimie, matching the group's four-business structure described by Delta Holding.

Financial leverage moved in the opposite direction to operating profit. Consolidated net debt fell 8.00 percent in the first half of 2026, while social net debt declined 43.00 percent, and capital spending reached MAD 40.00 million during the period.

Casablanca quotation and valuation

The last Casablanca Stock Exchange quotation stood at MAD 47.00 on October 13, 2026. Delta Holding's market capitalization was MAD 4.1 billion on the same date, while the company's backlog and debt reduction provide the main numerical counterweights to the softer operating result.