Addoha sees up to 40% increased profit

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ADDOHA SEES UP TO 40% INCREASED PROFIT

Friday, 03 Oct 2008

Morocco property company Addoha ADH.CS has stated that it has seen a rise in net profits of 40% during the company’s first-half, despite the fact that the company’s shares did not trade due to analysts stating that the figure is far below what was expected. Addoha stated that its net profit increased up to 319.3 million dirhams and its operational profit has doubled to an incredible 483.9 million dirhams.

One analyst from Casablanca who prefers to not be mentioned by name, states about the Morocco property company, “Addoha was a big disappointment - to now people have been expecting something around 2 billion dirhams profit in the full year.” Another disappointment was the drop recently in the benchmark index that very nearly rendered earlier gains during the year null and void, which came amidst dropping world stock indexes.

Firms dealing in property in Morocco and other real estate companies pushed for the largest Maghreb stock market to gain new heights in the first half of this year, while those investors wanting to invest in Morocco accommodation did their best to benefit from the building boom in the region, which in turn greatly accelerated the rate of investment within the private sector.

Analysts have still, however, expressed their worries with regards to the outlook in the Morocco property sector in the last few weeks, because the international credit crisis could very well cause much of the investment currently coming into the country to grind to a halt. Addoha doesn’t seem at all concerned with its prospects to continue to earn well, and with regards to the expected increase of new homes being ready, an Addoha spokesperson says, “Sales and the net result in the second half of 2008 should register a clear increase compared to the previous half.”