UPDATE 2-Morocco's Addoha sees big sales gain in 2009

* Says 2008 profit leaps 65 pct despite one-off provision

* Sale commitments point to big increase in 2009 turnover

(Adds detail on property type, Moroccan economy, analyst)

By Tom Pfeiffer

RABAT, March 27 (Reuters) - Moroccan real estate developer Addoha (ADH.CS) reported a 65 percent surge in full-year net profit on Friday and said existing sales commitments implied a big increase in sales this year.

Net income grew to 1.15 billion dirhams ($139.3 million) in 2008, from 703 million in 2007, the company said in a statement. Operating profit more than doubled to 1.99 billion dirhams and turnover was up 61 percent at 4.8 billion.

It said net income growth was held back by a one-off provision related to the depreciation of listed securities.

"Given the volume of sale commitments signed with buyers, provisional turnover for the year 2009 will show a strong increase compared to that of 2008," Addoha said.

It said three quarters of its business was in low- and medium-cost housing. Those segments are still going strong thanks to a government-backed drive to re-house slum dwellers and banking reforms that eased access to credit.

Without the one-off charge, net profit would have been well above estimates, said Mohamed Essakalli, head of sales at CFG Group in Casablanca.

Addoha shares were little changed at 120 dirhams in Casablanca on Friday after climbing 16 percent this year.

The stock tumbled 68 percent in 2008 as recessions gripping neighbouring countries led to worries over the viability of Addoha developments catering mostly to foreign buyers.

Late last year, the company denied it had slashed prices of a high-end development in the capital Rabat and said it was refocusing efforts to concentrate mainly on low-cost housing.

"The profit margin is higher than we expected," said Essakalli. "We have seen a big shift in Addoha and most of their efforts are now in affordable and middle-class housing."

The company said it bought two companies, Citaf and Optim Immoblier, last year, adding 710 hectares to its portfolio, which totalled 4,263 hectares on a consolidated basis, enough land to cover projects planned until 2017.

Capital movement restrictions mean Moroccan banks have resisted the global financial crisis and the central bank expects the economy to grow by around 5 percent this year, thanks partly to a rebound in farm incomes. (Editing by David Holmes and Andrew Macdonald) ($1=8.253 Moroccan Dirham)