RABAT, March 30 (Reuters) - Morocco’s National Investment Co., an investment holding firm controlled by the country’s monarchy, posted a 42.3 percent fall in 2014 net profit, it said on Monday, after selling stakes in the food industry to focus on other sectors such as energy.
National Investment Co. (SNI), is the largest private stakeholder in the local economy of the North African kingdom.
Net profit attributable to shareholders fell to 3.56 billion dirhams ($362 million) from 6.18 billion dirhams in 2013, according to its financial statement published in the pro-palace newspaper Le Matin.
Consolidated turnover fell 18.6 percent to 33.88 billion dirhams while assets fell slightly to 100.3 billion dirhams.
In 2013, SNI sold its stakes in dairy firm Centrale Laitiere to French partner Danone, and the remaining 50 percent holding in Moroccan biscuit maker Bimo to Kraft Foods. It also sold the sole operator in Morocco’s sugar industry Cosumar .
Last month it said it hired Goldman Sachs and Rothschild to advise it on the sale of a minority stake in AttijariWafa Bank as it plans to focus its future growth strategy on sectors such as tourism, telecoms and energy.
SNI is the main shareholder in some of the country’s biggest firms, including AttijariWafa Bank, miner Managem , energy firm Nareva, cement company Lafarge Maroc and Marjane, Morocco’s main supermarket chain.
Since the merger with another royal holding firm, ONA, in 2010, SNI has not released how big a stake Siger, the firm that groups the main business interests of the Moroccan royal family, is holding. Analysts say it is around 60 percent.
SNI is under a legal obligation to publish its financial statements because it has bonds traded on the stock market.
$1 = 9.8510 Moroccan dirham Reporting by Aziz El Yaakoubi; editing by Jason Neely and Susan Thomas
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