Morocco's SNI sees bumper results in 2009

Rabat - Morocco's Société nationale d'investissement (SNI) reported a consolidated net income of 2.3 billion dirhams ($286.5 million) in 2009, against 512 million dirhams a year earlier, a rise of 365%, with a turnover of 3.42 billion dirhams

    This good performance, amid an unfavourable global economic situation, attests to the company's pertinent development strategy, said Hassan Bouhemou, managing director of the holding.

   Investments carried out by the company in 2009 amounted to 5.52 billion dirhams. They concerned in particular the redemption of 10% of Attijariwafa bank's capital from the Spanish bank Santander, and subscription to raising Atlas Hospitality Morocco’s capital.

    SNI and ONA announced last Thursday that they plan to merge.  They said in a statement that they will delist from the Casablanca stock exchange and merge into a unique, unlisted investment holding company.

MAP