Bloomberg News

Moroccan King’s Fund Says Nearly Doubled Its Profit in 2011

April 01, 2012

Societe Nationale d’Investissement, an investment fund controlled by Morocco’s King Mohammed VI, said it nearly doubled its profit in 2011.

Net income increased to 4.3 billion dirhams ($513 million) from 2.9 billion dirhams in 2010, according to financial statements published in pro-government daily newspaper Le Matin. Assets rose 10 percent to 115.2 billion dirhams.

SNI was listed on the Casablanca stock market until August 2010, when it merged with subsidiary Omnium Nord Africain and bought back its outstanding shares in a $3.9 billion offer.

Tens of thousands of Moroccans have been taking to the streets nationwide for the past year to protest against the influence of the king’s investment fund as well as to demand freer elections, greater civil liberties and less corruption.

To contact the reporter on this story: Aida Alami in Cairo at aalami2@bloomberg.net

To contact the editor on this story: Tarek El-Tablawy in Cairo at teltablawy@bloomberg.net


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