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UPDATE 1-Moroccan builder Addoha reports 18 pct rise in 2016 net profit
March 30, 2017 / 8:31 AM / 8 months ago

UPDATE 1-Moroccan builder Addoha reports 18 pct rise in 2016 net profit

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RABAT, March 30 (Reuters) - Addoha, Morocco’s biggest property developer by market value, reported an 18 percent jump in net profit for 2016 to 1 billion dirhams ($100 million).

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 Blair)

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