Moroccan property firm Addoha 2007 net up 36 pct

RABAT, April 1 (Reuters) - Moroccan property firm Douja Promotion Groupe Addoha (ADH.CS) reported a 36 percent rise in 2007 net profit as it reaped the benefits of investment in social housing, luxury developments and holiday homes.

Net income grew to 702.5 million dirhams ($95.65 million) from 516.9 million a year earlier, the company said in a statement. Turnover soared 98 percent to 3.0 billion dirhams.

It said it expected turnover and net income to both rise this year as it launches luxury development projects in Morocco's main cities.

Addoha's shares have leapt since an initial public offering in 2006 as it profits from an infrastructure and housing boom in the north African country.

In December it bought 50 percent of Spanish construction firm Fadesa's Moroccan arm in a deal worth 1.3 billion dirhams, a move which Addoha said accelerated its development by five years.

To underpin its expansion, Addoha carried out a 2.15 billion dirham capital increase, helping more than double overall capital stock to 4.56 billion dirhams.

Addoha stock, up 32 percent so far this year, was down 0.2 percent at 4,390 dirhams in Casablanca on Tuesday at 1255 GMT. The benchmark MASI index was down 0.43 percent.

The company said it would propose a dividend of 15 dirhams per share, up 20 percent from last year. (Reporting by Tom Pfeiffer, editing by Elizabeth Fullerton)