(MENAFN) National Investment Co (SNI), the investment holding firm controlled by Morocco's royalty, reported a 50 percent increase in profits in 2011, driven by higher earnings from banking, mining, steel and sugar affiliates active mostly in the domestic market, Reuters reported.
SNI said it made USD513 million net profit last year, up from USD341.9 million made in the previous year. SNI also made a USD126.15 million profit from minority interests in 2011.
The company also reported a 16 percent increase in revenue to USD5.94 billion in 2011, while assets were up 10 percent to USD13.58 billion.
SNI is the main shareholder in some of the country's biggest firms including AttijariWafa Bank, miner Managem , sole steel mill Sonasid, sugar refining monopoly Cosumar, cement firm Lafarge Maroc and Marjane, Morocco's main supermarket chain.