Moroccan Holcim first-half net profit rises 22 pct
RABAT, Sept 21 (Reuters) - The Moroccan unit of Swiss construction materials company Holcim (HOLN.VX) said on Friday first-half net profit rose 22 percent as new housing, tourism and infrastructure projects reinforced demand for its products. Net income grew to 265.7 million dirhams ($33 million) from 218.3 million a year earlier, Holcim Maroc (HOL.CS) said in a statement. Operating profit rose 21 percent to 357 million dirhams and turnover grew 22 percent to 1.16 billion dirhams. Morocco is upgrading and expanding roads and ports, improving housing for its population and building hotels and holiday homes to cater to a fast-growing tourism industry.
To meet the new demand, the company opened a new cement factory at Settat near the economic capital, Casablanca, in July.
Holcim Maroc competes with Italcementi's (ITAI.MI) unit Ciments du Maroc (SCM.CS) and the local affiliate of France's Lafarge SA (LAFP.PA), Lafarge Ciments, which posted a 56 percent gain in first-half net income and growth in market share.
Parent company Holcim owns 51 percent of Holcim Maroc, while Saudi Arabia-based Islamic Development Bank holds 14 percent, with the rest floating freely on the local stock market.
Holcim Maroc's shares dipped 1 percent to 2,900 dirhams on the Casablanca stock market on Friday, while the benchmark MASI index fell 0.55 percent.
($1=8.015 Moroccan Dirham)
((Reporting by Tom Pfeiffer, editing by Braden Reddall; +212 3772 6518; fax: +212 3772 2499; thomas.pfeiffer@reuters.com)) Keywords: HOLCIMMAROC RESULTS/
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