RABAT, March 30 Addoha, Morocco's
biggest property developer by market value, reported an 18
percent jump in net profit for 2016 to 1 billion dirhams ($100
Gross margin rose to 34 percent last year from 28 percent in
2015 in the high-income segment, the company said in a statement
published in L'Economiste newspaper on Thursday. Its operating
margin rose slightly to 15.8 percent from 14.6 percent.
The company has been working to reduce debt in the past
three years and bolster cashflow, it said. Operating cashflow
increased slightly to 2.72 billion dirhams in 2016 from 2.48
billion dirhams a year earlier.
Sales revenue edged up 0.2 percent to 7.116 billion dirhams.
Addoha said it had sold 12,070 units in 2016, down from
17,510 in the same period of 2015. These included 5,742 housing
units for high-end customers, up from 1,790 the year before.
(Writing by Aidan Lewis; Editing by Susan Fenton and Edmund