Moroccan King’s Fund Says First Half Profit Rises 27 Percent

Societe Nationale d’Investissement, a Moroccan investment fund controlled by King Mohammed VI, said its profit rose 27 percent in the first half of this year, according to the financial statement published by the company in Le Matin newspaper.

Net income increased to 2.8 billion Moroccan dirhams ($326 million) in six months to June from 2.2 billion a year ago, according to the statement.

The increase in income is due to “the sale of Lesieur Cristal (LES) and the capital increase of Attijariwafa Bank (ATW) announced in the first half of 2012,” Karim Chbani, an investment manager at the fund, said in an e-mail.

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

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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