Morocco’s Holcim Maroc Group increased its net profit by 24 per cent last year compared to the previous year on a construction boom in the North African country, its chief executive said.
Its net profit was MOD439m (US$53.27m) in 2006 compared with MOD354m a year ago as turnover expanded 14 per cent to MOD1.9bn, Dominique Drouet said.
Net profit per share was 24 per cent higher last year to MOD104 from the previous year.
Holcim Maroc benefited from Morocco’s strong construction growth this year fueled by a government drive to upgrade and expand roads and highways and a building boom in the tourism sector, Drouet said.
Holcim has a 51 percent stake in the group, while Saudi Arabia-based Islamic Development Bank holds a 14 per cent share, with the rest floating freely on the local stock market.
Drouet gave no precise forecasts for the company’s performance next year, but said he expected the cement business to grow by about 10 per cent as the government continues building basic infrastructure as part of MOD150bn spending for the 2002-2015 period.