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Morocco’s Addoha posts 2.1% rise in H1 profit

Morocco’s Addoha posts 2.1% rise in H1 profit
Groupe Addoha
0.61% 29.49 0.18
Addoha, Morocco's biggest property developer by market value, posted a 2.1 percent rise in first-half net profit on Friday, as rising sales helped to offset a government-driven squeeze on margins, according to Reuters.
The company said it made a net profit of 608 million dirhams ($70 million) on an 11 percent rise in consolidated sales revenues to 3.36 billion dirhams.
It sold 9,641 units in the first six months of the year, up from 8,636 in the same period of last year, with 74 percent of its sales revenues coming from low-income housing units encouraged by the government.
Morocco has been striving to build low-income housing developments in an attempt to stop the spread of slums mainly in the city of Casablanca.